Solution-Explain the nature of georgia utility function

Explain the nature of georgia utility function

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Reference no: EM132617847

1. Georgia always eats hot dogs in a bun together with 1 oz. of mustard. Each hot dog eaten in this way provides 15 units of utility, but any other combination of hot dogs, buns, and mustard is worthless to Georgia.

a. Explain the nature of Georgia's utility function and indicate the form of her indifference curve map.

b. Suppose hot dogs cost $1, buns cost $.40, and mustard costs $.10 per ounce. Show how Georgia's utility can be represented by the total amount of money she spends on these three items.

c. How would your answer to part (b) change if the price of hot dogs rose to $1.50?

Reference no: EM132617847

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Explain the nature of georgia utility function

Reference no: EM132617847

Reference no: EM132617847

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