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Anthony spends his income on fishing lures (L) and guitar picks (G).
Lures are priced at $2, whilea package of guitar picks cost $1.
Assume that Anthony has $30 to spend and his utility functioncan be represented as U(L,G) = L 0.5 G 0.5 .For this utility function, M U L = 0.5 L -0.5 G 0.5 andM U G = 0.5 L 0.5 G -0.5 .
a. What is the optimal number of lures and guitar picks for Anthony to purchase? How much utility does this combination bring him?
b. If the price of guitar picks doubles to $2, how much income must Anthony have to maintain the same level of utility?
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sales 1990 116 1991 105 1992 29 1993 59 1994 108 1995 94 1996 27 1997 119 1998 34 1999 34 2000 48 2001 ..
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One question that arose during the meeting was about how the firm's profitability in their toothpaste division would be impacted by the expansion. The Board asked you to assess the profit potential using marginal analysis.
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