8 The following graph displays Bill's indifference curves:Pepsi20-Cokea. What type of utility function generated these indifference curves?O A. Cobb DouglasB. Perfect SubstitutesC. Perfect ComplementsO D. Leontieffb. If Pepsi costs $2 per bottle, while Coke costs $1, and Bill has a $20 budget to spend for the month, what is the budget constraint?O A. 20 + P 20O B. P+ 20 = 10OC. P+C= 10O D. 2P + C= 20C. How much Coke will Bill buy?coke 1 2If the utility function and budget constraint are U = x°Y; 2x + 4Y = 120a. What is the MRS of the utility function?3.b. What is the slope of the budget constraint?c. What is the optimal bundle of X and Y?d. What is the maximum level of utility the consumer can obtain?

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The following graph displays Bars indifference curves: Pepsi Coke a. What type of utility function generated these indifference curves? A. Cobb Douglas OB. Perfect Substitutes OC. Perfect Complements OD. Leontieff b. If Pepsi costs $2 per bottle, while Coke costs $1, and Bill has a $20 budget to spend for the month, what is the budget constraint? OA 2C+P 20 OB. P+2C 10 OC. P+C = 10 D. 2PC 20 Hooke

The following graph displays Bars indifference curves: Pepsi Coke a. What type of utility function generated these indifference curves? A. Cobb Douglas OB. Perfect Substitutes OC. Perfect Complements OD. Leontieff b. If Pepsi costs $2 per bottle, while Coke costs $1, and Bill has a $20 budget to spend for the month, what is the budget constraint? OA 2C+P 20 OB. P+2C 10 OC. P+C = 10 D. 2PC 20 Hooke

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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