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Solve for the quantity of cream and sugar demanded

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Reference no: EM131239705

Marilyn enjoys drinking coffee. However, each cup of coffee must have one cream (x) per two sugars (y), otherwise she won't consume it. Her preferences can be represented by the utility function U(x,y) = min{2x,y}. Assume the price of one coffee-sized unit of cream is $0.25/unit, the price of a coffee-size unit of sugar is $0.25/unit, and she has $4.00 to spend each week on coffee. Question 1: What are Marilyn's ordinary demand functions for cream and sugar? Next, solve for the quantity of cream and sugar demanded at current prices and income.

Reference no: EM131239705

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