Thomas has the following utility function over milkshakes (m) and smoothies (S): U (m,s) =m+ 3s Today, he plans on spending $100 in total on milkshakes and/or smoothies. In answering the following questions, assume that milkshakes and smoothies can be bought in both integer and non-integer amounts. How many milkshakes and how many smoothie will Thomas buy if (a) the price of a milkshake is $5 and the price of a smoothie is $10 (b) the price of a milkshake is $5 and the price of a smoothie is $15 (c) the price of a milkshake is $5 and the price of a smoothie is $20 (d) the price of a milkshake is $10 and the price of a smoothie is $5 (e) the price of a milkshake is $15 and the price of a smoothie is $5 (f) the price of a milkshake is $20 and the price of a smoothie is $5
Thomas has the following utility function over milkshakes (m) and smoothies (S): U (m,s) =m+ 3s Today, he plans on spending $100 in total on milkshakes and/or smoothies. In answering the following questions, assume that milkshakes and smoothies can be bought in both integer and non-integer amounts. How many milkshakes and how many smoothie will Thomas buy if (a) the price of a milkshake is $5 and the price of a smoothie is $10 (b) the price of a milkshake is $5 and the price of a smoothie is $15 (c) the price of a milkshake is $5 and the price of a smoothie is $20 (d) the price of a milkshake is $10 and the price of a smoothie is $5 (e) the price of a milkshake is $15 and the price of a smoothie is $5 (f) the price of a milkshake is $20 and the price of a smoothie is $5
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 19SQ
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