How many apples would there be in the best bundle

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Reference no: EM13162591

1. In Problem 1, Charlie has a utility function U(x_A, x_B) = x_Ax_B, the price of apples is $1, and the price of bananas is $2. If Charlie's income were $320, how many units of bananas would he consume if he chose the bundle that maximized his utility subject to his budget constraint?

a.	80
b.	40
c.	160
d.	16
e.	240

2. Charlie's utility function is U(x_A, x_B) = x_Ax_B. If Charlie's income were $40, the price of apples were $2, and the price of bananas were $5, how many apples would there be in the best bundle that Charlie could afford?

a.	20
b.	6
c.	4
d.	5
e.	10

3. In Problem 2, Clara's utility function is U(X, Y) = (X + 2)(Y + 1). If Clara's marginal rate of substitution is -5 and she is consuming 15 units of good X, how many units of good Y is she consuming?

a.	5
b.	85
c.	20
d.	84
e.	11

4. In Problem 3, Ambrose's utility is U(x₁, x₂) = 4x^1/2 + x₂. If the price of nuts (good 1) is $1, the price of berries (good 2) is $7, and his income is $238, how many units of nuts will Ambrose choose?

a.	6
b.	196
c.	392
d.	199
e.	98

5. Ambrose's utility function is 4x^1/2 + x₂.. If the price of nuts (good 1) is $1, the price of berries (good 2) is $6, and his income is $198, how many units of berries will Ambrose choose?

a.	145
b.	9
c.	18
d.	8
e.	12

6. In Problem 6, Elmer's utility function is U(x, y) = min{x, y²}. If the price of x is $20, the price of y is $20, and Elmer chooses to consume 8 units of y, what must Elmer's income be?

a.	$2,880
b.	$320
c.	$1,540
d.	$1,440
e.	There is not enough information to tell.

Reference no: EM13162591

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