Reference no: EM133436066
Assignment:
Intermediate Microeconomics Assignment
1) Tony is throwing a party at his Fraternity and is trying to choose what booze to buy. A bottle of vodka has four times the alcohol as a six-pack of beer. Assume that Tony only cares about the total amount of alcohol in his basket. (use vodka on X-axis and beer measured in six-pack on Y-axis)
a) Devise a utility function to represent these preferences.
b) What is his marginal rate of substitution of a bottle of vodka for six packs of beer?
c) Suppose a bottle of vodka costs $45, a six-pack of beer costs $15 and Tony has $180 budget. Write the budget constraint.
d) Solve Tony's utility maximization problem and find out optimal combination?
e) Now suppose that a bottle of vodka cost has increased to $60. What will be his new optimal combination?
2) Suppose Sara does not like to consume apple pie by itself or vanilla ice-cream by itself. However, she loves to consume 2 slices of apple pie with 3 scoops of vanilla ice-cream. (use apple pie on X-axis and bread on Y-axis).
a) Devise a utility function to represent these preferences.
b) Suppose a slice of apple pie costs $2 and scoop vanilla ice-cream costs $1. If she has $35 budget to spend on these goods. Write the budget constraint.
c) Solve Sara's utility maximization problem and find out optimal combination?
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