Guerdon always puts half a sliced banana, q,, on his bowl of cereal, q2 The two 14 goods are perfect complements. What is his utility function? Derive his demand curve for bananas graphically and mathematically. 12- 10- Guerdon's utility function (as a function of q, and q2) is 8 6- A. U=min/29,.92}- 4- O B. U=9, +92- 2- OC. U= 29, + q2- 10 12 14 16 18 20 22 24 Bananas 6 OD. U=0.591 + q2- OE. U=9, x42- Q 5.00 4.50- Guerdon's demand function for bananas (as a function of the price of bananas, P1, the price of a bowl of cereal, p2, and income, Y) is 4.00 3.50 91 (p1 + 2p2) (Properly format your expression using the tools the 3.00- palette. Hover over tools created with the character.) see keyboard shortcuts. E.g., a subscript can be 2.50 S 2.00- 1.50- 1.00- 0.50 0.00 2. 10 12 14 16 18 20 22 24 Bananas O stv 80 DII DD F1 F3 E4 FS F6 F7 FB F9 F10 @ 23 2$ & * 1 2 3 4. 6. 8. Q W Y U S D F H. J K A P. S per banana Cereal (bowls) .. .-
Guerdon always puts half a sliced banana, q,, on his bowl of cereal, q2 The two 14 goods are perfect complements. What is his utility function? Derive his demand curve for bananas graphically and mathematically. 12- 10- Guerdon's utility function (as a function of q, and q2) is 8 6- A. U=min/29,.92}- 4- O B. U=9, +92- 2- OC. U= 29, + q2- 10 12 14 16 18 20 22 24 Bananas 6 OD. U=0.591 + q2- OE. U=9, x42- Q 5.00 4.50- Guerdon's demand function for bananas (as a function of the price of bananas, P1, the price of a bowl of cereal, p2, and income, Y) is 4.00 3.50 91 (p1 + 2p2) (Properly format your expression using the tools the 3.00- palette. Hover over tools created with the character.) see keyboard shortcuts. E.g., a subscript can be 2.50 S 2.00- 1.50- 1.00- 0.50 0.00 2. 10 12 14 16 18 20 22 24 Bananas O stv 80 DII DD F1 F3 E4 FS F6 F7 FB F9 F10 @ 23 2$ & * 1 2 3 4. 6. 8. Q W Y U S D F H. J K A P. S per banana Cereal (bowls) .. .-
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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