2. Preferences:a. Suppose Wendy consumes 10 sandwiches and 10 cups of coffee over the course of a week.Her utility at the end of the week is equal to10. Now suppose Amanda consumes the same bundle, but her utility at theend of the week is 20. Can we say that Amanda is twice as happy as Wendy?Why or why not. b. Alex prefers 3 slices of cake to 4 slices,4 slices of cake to 5 slices, and 3 slices of cake to 5 slices. What is so strange about Alex? Are Alex's preferences transitive? Is Alex an irrational consumer? Explain your answers briefly.

Troy likes games (Good X) and books (Good Y). Based on the number of games and books in his current bundle, he marginal utility for another game is 6 and the marginal utility for another book is 2. If the price of a game is $10 and the price of a book is $5, then which of the following statements is true? Select one: a. Troy's utility could be higher with more books and less games. b. Troy would have a higher utility if he bought equal quantities of books and games. c. Troy's utility is already maximized with the combination of games and books that he has. d. Troy's utility could be higher with more games and less books.

The table shows Jill’s utility schedule for pancakes and coffee   # pancakes total utility from pancakes MU from last pancake   # cups of coffee total utility from coffee MU from last cup of coffee   1 10 10   1 12 12   2 18     2 22     3 24     3 30     4 28     4 36     5 30     5 40     6 30     6 42         What is Jill’s marginal utility of consuming the 6th pancake?   The table shows Jill’s utility schedule for pancakes and coffee   # pancakes total utility from pancakes MU from last pancake   # cups of coffee total utility from coffee MU from last cup of coffee   1 10 10   1 12 12   2 18     2 22     3 24     3 30     4 28     4 36     5 30     5 40     6 30     6 42         Suppose that the price of pancakes is…

Joe is currently in consumer equilibrium by consuming cheese and crackers, such that the last cracker consumed yielded 8 utils and the last piece of cheese consumed yielded 12 utils. Assume the price of crackers is two cents per cracker and the price of cheese is three cents per piece. If the price of crackers increases to four cents, Joe should his consumption of crackers and his marginal utility from crackers will and also his consumption of cheese and his marginal utility from cheese will (Assume he is in the downward sloping portion of the MU curve.) Ο Ο Ο decrease; increase; increase; decrease increase; increase; increase; increase increase; decrease; increase; decrease increase; increase; decrease; decrease