George's household can produce Nachos and Burgers as described by the following PPF: 5N + 7B = 50 The price of Nachos is 300. Solve for the price of Burgers (round to the nearest integer).

Amy and Barbara share an office. They put a scent diffuser in the middle of the room, and they need to buy essence oil (G) to make the office smell good. They each can also buy cookies (x) as their own snacks. Each of them has $15 to spend on essence oil and cookies. Amy and Barbara's utility functions are UA (TA, GA, GB) = x²(G₁+G³)² and uB (TB, GA, GB) = x³ (GA+GB)³, where A and B are Amy's and Barbara's individual cookie consumption, and GA and GB are respectively Amy's and Barbara's contributions in dollars for the purchase of the essence oil. Let the price of cookies be p = 1 and the price of essence oil be pg = 1. Thus, given G₁ and GB, G = GA + GB is the total amount the essence oil that will be purchased, what is the Pareto optimal amount of the total contribution of G ? C a. 15 C b. 10 c. They will be no difference between the individual decision and the Pareto optimal decision. d. 5

Jia is considering whether to go out to dinner at a restaurant with her friend. The meal is expected to cost $40, Jia typically leaves a 20% tip, and an Uber will cost $5 each way. Jia values the restaurant meal at $25. Jia enjoys her friend s company and is willing to pay $30 just to spend an evening with her.

A consumer has the following utility function (shown in image) where ? is the number of spa days and ? is the number of city breaks consumed. Suppose that the price of a spa day is £200 and the price of a city break is £300. (i) Set up the economic problem and find the numbers of spa days and city breaks that minimise expenditure if 12,800 units of utility are to be obtained.

Anastasia, Emma, and Greta are deciding what to do on a weekend getaway. They each suggest a first, second, and third choice and then vote on the options. Their first choice, second choice, and third choice preferences are as shown: Anastasia Emma Greta First Choice Вeach Mountain biking Canoeing Second Choice Mountain biking Canoeing Beach Third Choice Canoeing Beach Mountain biking If the choice is between mountain biking and canoeing, how will the group vote? Select the correct answer below: two votes for mountain biking; one vote for canoeing two votes for canoeing; one vote for mountain biking three votes for mountain biking three votes for canoeing

Reese thinks peanut butter and chocolate are great when separate, but when they combine they are even more epic. In other words, Reese likes to eat either peanut butter or chocolate, but when he eats them together, he gets additional satisfaction from the combination. His preference over peanut butter (x) and chocolate (y) is represented by the utility function: u(x, y) = xy + x + y   Which of the following is NOT true about Reese’s preference? (a) The MRS decreases when x increases.(b) The preferences are homothetic.(c) The marginal utility of y is higher when x = 10 than when x = 5.(d) For any a > 0, Reese prefers the bundle (x =a/2 , y = a/2 ) over either the bundle (x = a, y = 0) or (x = 0, y = a).

The following table shows how much utility Taran gets from watching his favorite teams, measured in "utils" (units of satisfaction). Team Manchester United Seattle Kraken Seattle Mariners. Seattle Seahawks Seattle Sounders. Seattle Storm Utils 68 81 78 64 72 86 Suppose Taran can only watch one of his favorite teams play. Assuming the cost to watch each team is the same, which team will Taran choose to watch?

Suppose you get two job offers when you graduate. First offer is in LA and pays $6000 permonth. The price of food in LA is $3 and price of housing is $5. The second offer is in SanFrancisco and pays $10000. Both food and housing is more expensive in SF at PF = 4 and PH = 6respectively. If your utility function is U (F, H) = F1/4 H 3/4 which job offer should you accept?

Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $102 for the skirt:        Store Travel Time Each Way Price of a Skirt (Minutes) (Dollars per skirt) Local Department Store 15 102 Across Town 30 85 Neighboring City 60 76   Juanita makes $42 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $42 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling.

In the diagram to the right, we have five different combinations of movies and books. Combination A represents 2 movies and 3 books. Combination C represents more books (7) and the same number of movies (2). Points B, E, and F are other combinations with more movies, more books, or more of both. When compared to combination A, combination B provides satisfaction to the consumer. When compared to combination F, combination B provides satisfaction to the consumer. When compared to combination A, combination F provides satisfaction to the consumer. These conclusions are based on what assumption about preferences? Books 10- 9- 8- 7- 6- 4- 3- 2- 1- 0- 0 1 C A 2 3 E 4 5 Movies LL B 6 7 8 9 Next