How many pounds does the person consume at home

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Reference no: EM133382574

Questions:

1.A person haspreferences of the form U(pounds ofrestaurant food,pounds ofhome food)= 0.6 * ln(pounds ofrestaurant food) + 0.4 * ln(pounds ofhome food)Which basket would they prefer?Note that"lbs." is the abbreviation for pounds.Restaurant foodHome foodBasket A1000 lbs.750 lbs.Basket B750 lbs.1000 lbs.

2. Thisquestionis a continuation of the previousone.The person has$25,000to spend on foodin total.How much do they spend on food at home and how much on food at the restaurant?

3. This question is a continuation of the previous one.Food in a restaurant costs $20 per pound,and food at home costs $10 per pound.How many pounds does the person consume at home,and how muchdo theyeatat therestaurant?

4. This question is a continuation ofthe previous one.Why does this choice contradict your answer to question 2,where they prefer the otherbasket?

5. This question is a continuation of the previous one.If the person buys one less pound of restaurant food, how many more pounds of home foodcould they buy?

6. Thisquestion is a continuation of the previous one.Instead of having $25,000 to spend on food, the person owns 2,500 pounds of food to makeat home. What is the value of this foodat the current prices,and is the optimal consumptionany different?

Reference no: EM133382574

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