4. Sheila and Bruce are going backpacking. Sheila and Bruce each have 24 power bars (x) and 24 ounces of water (y). Their preferences can be represented by: US(x,y)=lax +lays and UB(x,y³) = 3ln x³ +lny a) Find Sheila and Bruce's MRS at endowment. Illustrate in an Edgeworth box diagram, the endowment point and the indifference curves through that point. b) What is the pattern of trade associated with mutually beneficial trades? Find one mutually beneficial trade where the terms of trade are 2 ounces of water (y) per 1 power bar (x). c)

女 %24 50 30 DINER BREAKFASTS 9. Income and substitution effects Hubert and Kate Juarez live in San Diego and enjoy going out to fancy restaurants for dinner and to diners for breakfast. On the following diagram, the purple curves I and 2 represent two of their indifference curves for fancy dinners and diner breakfasts. They have $1,000 per month available to spend on eating out. The price of a diner breakfast is always $10. Each labeled point represents the tangency between a budget constraint and the corresponding indifference curve. BC, BC, H. FANCY DINNERS MacBook Pro G Search or type URL 2. 5. 9.

need answer to all parts and a detailed explanation of part 3 .

Please explain in detail part a to d.

For the case of two goods, give an example of a utility function U(x1, x2) that represents the preferences of a consumer who regards the two goods as perfect complements. Next, take the transformation f(U) = U³ of the your example utility function and explain if this newly gener ated function represents the original preferences. Further, provide clear arguments supporting or rejecting the claim that "f(U(x1, x2)) must be strongly increasing in (x1, x2)."

Consider a local department store which only sells jeans (J) and sweaters (S). Jeans cost $30and sweaters cost $15. For each of the examples below, graph the budget constraint our consumer faces, putting J on the horizontal axis and S on the vertical one. Be sure to label our consumer’s initial bundle(what he comes into the store with). a) The consumer comes into the store with 20 sweaters to exchange (and a gift receipt!). b) The consumer comes into the store with 20 sweaters to exchange (and a gift receipt!). There is a 50% restocking fee. c)The consumer comes into the store with 10 jeans and 10 sweaters to exchange (and a gift receipt!). There is a 50% restocking fee on jeans only. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

For example (bb, cc) = (3,6) is a bundle with 3 units of baklava and 6 units of corn. All bundles where the amount of corn and baklava are greater than or equal to zero are allowed. The utility is uu(bb, cc) = \bb + cc. For each of the following different utility functions, argue whether or not they represent the same preferences as uu(bb, cc).

Kevin has a $100 monthly exercise budget, which he spends at Tarheel Gym on yoga classes (Y) and spin classes (S). The price of yoga class is $10, and the price of a spin class is $5. Draw his budget constraint for each of the following scenarios. Use a separate graph for each part and label all axes, intercepts, and the coordinates of any kink points. Treat each case separately and graph yoga classes on the x-axis and spin classes on the y-axis. a. The price of a yoga class drops to $8 after 5 classes, and again to $5 after 10 classes. b. After every 4 yoga classes you buy, you get the next one for half off. c. After purchasing 5 yoga classes, you become a “Tarheel Yogi. " Becoming a Tarheel Yogi costs $20, but it also reduces the price of each subsequent yoga class to $5. d. For every 5 yoga classes you buy, you get $5 in gym credit that can be used on any class at Tarheel Gym.

Suppose a consumer views two goods, X and Y, as perfect complements. Her utility function is given by U = MIN [2X, Y]. Sketch the graph of the consumers indifference curve that goes through the bundle X = 7 and Y = 8. Put the amount of Y on the vertical axis, and the amount of X on the horizontal axis. Which of the three assumptions that we made about consumer preferences is violated in this case?

Please see below. I need help with this.