Suppose Dante only golfs when he has cigars. Specifically, Dante likes to smoke 3cigars (C) over 2 rounds of golf (G). His preferences are given by the followingutility function:U(G, C) = min (3G, 2C)If Dante has a budget of $240 the price of 1 round of golf is PGprice of a cigar is Pc $10, what will be his optimal bundle?○ (G*, C*) = (6,9)○ (G*, C*) = (2, 3)(G*, C*) = (4, 6)○(G*, C*) = (1, 1)==$45, and the Ngan's preferences over Coffee (C) and Redbull (R) are given byU(C, R) = aC + a²RNgan's income is given by M and prices are given by PC and PR. Assuming Ngan ismaximizing her utility, under which condition will she only consume coffee? (i.e.C*-MPcPoPRand R* =PR > PCPc = aPRPcPR> aay0)

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Suppose Dante only golfs when he has cigars. Specifically, Dante likes to smoke 3 cigars (C) over 2 rounds of golf (G). His preferences are given by the following utility function: U(G, C) = min(3G, 2C) If Dante has a budget of $240 the price of 1 round of golf is PG = $45, and the price of a cigar is Pc = $10, what will be his optimal bundle? ○ (G*, C*) = (6, 9) ○ (G*, C*) = (2, 3) ○ (G*, C*) = (4, 6) 2 ○ (G*, C*) = (², 1)

Suppose Dante only golfs when he has cigars. Specifically, Dante likes to smoke 3 cigars (C) over 2 rounds of golf (G). His preferences are given by the following utility function: U(G, C) = min(3G, 2C) If Dante has a budget of $240 the price of 1 round of golf is PG = $45, and the price of a cigar is Pc = $10, what will be his optimal bundle? ○ (G, C) = (6, 9) ○ (G, C) = (2, 3) ○ (G, C) = (4, 6) 2 ○ (G, C) = (², 1)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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