Question

Suppose Marwa considers blueberry kombucha (B) and green juice (G) to be perfect complements. Marwa always mixes 2 bottles of blueberry kombucha with one bottle of green juice. Marwa has $30 to spend on these beverages. The price of blueberry kombucha is $5 per bottle and the price of green juice is $6 per bottle. On a graph, draw Marwa's budget constraint, identify Marwa's optimal bundle, and draw the indifference curve that goes through that bundle. Please put the quantity of Blueberry kombucha on the horizontal axis and the quantity of green juice on the vertical axis. Make sure your graph is accurate and properly labeled.

Answer #1

Suppose Marwa considers blueberry kombucha (B) and green juice
(G) to be perfect substitutes. Marwa is willing to trade 2 bottles
of blueberry kombucha for one bottle of green juice. Marwa has $20
to spend on these beverages. The price of blueberry kombucha is $4
per bottle and the price of green juice is $5 per bottle. On a
graph, draw Marwa's budget constraint, identify Marwa's optimal
bundle, and draw the indifference curve that goes through that
bundle. Please put...

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 = 5 and Y = 6. 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?

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 = 5 and Y = 4. 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?

1.) For this exercise you will need to first build a graph to
these specifications: Draw a budget constraint with vertical
intercept (0,8) and horizontal intercept (4,0). Zach’s indifference
curves are downward sloping straight lines with a slope of -1 i.e.
they all have vertical intercept (0,N) and horizontal intercept
(N,0) for some number N. Draw Zach’s indifference curves. Label the
bundle(s) that Zach will consume when optimizing.
2.) Now suppose the price of the “x-good” falls to become 4...

In order to submit this assignment, you will use this webform to
upload a document file (.doc) or (.docx) with your answers. You may
use a drawing program or sketch by hand. Be sure that your
responses model clear economic reasoning and addresses each of the
following:
1.) For this exercise you will need to first build a graph to
these specifications: Draw a budget constraint with vertical
intercept (0,8) and horizontal intercept (4,0). Zach’s indifference
curves are downward sloping...

Charlie likes buying shoes and going out to sing. His utility
function for pairs of shoes, S, and the number of times he goes
singing per month, T, is U(S,T)=2S^2T^2 . It costs Charlie $50 to
buy a new pair of shoes or to spend an evening out singing. Assume
that he has $500 to spend on shoes and singing.
a. What is the equation for her budget line? Draw the budget
constraint with the T on the vertical axis,...

Tastego comsumes only whale meat (W) and port (P). His utility
function is ? = √2? + √4?. The price of whale meat is $10 per
pound, and port is $5 per bottle. Tashtego has a weekly income of
$400 to spend on these goods. You may assume that it is possible to
consume fractional amounts of either good. a. Draw and label
Tashtego’s budget constraint. You may assume whale meat is on the
horizontal axis, because this will match...

Chester consumes only bread (b) and cheese (c); his utility
function is U(b,c) = bc. In Chester’s town, cheese is sold in an
unusual way. The more cheese you buy, the higher the price you have
to pay. In particular, c units of cheese cost Chester c2 dollars.
Bread is sold in the usual way (i.e., at a constant price) and the
per-unit price of bread is pb > 0. Chester’s income is m
dollars.
(a) Write down Chester’s budget...

jane has $36 per week to spend on burgers (B) and milkshakes
(M). The price of a burger is $4 and milkshakes are $3
.a.Write the equation for Jane’s budget constraint
.b.Graph Jane’s budget constraint with burgers on the horizontal
axis. Be sure to label both the x-intercept and the y-intercept
with the proper value.
c.If Jane spends all of her money on these two goods, how many
milkshakes can she buy if she buys three burgers this week?
d.Draw...

Jane has $36 per week to spend on burgers (B) and milkshakes
(M). The price of a burger is $4 and milkshakes are $3.
a. Write the equation for Jane’s budget constraint.
b.Graph Jane’s budget constraint with burgers on the horizontal
axis. Be sure to label both the x-intercept and the y-intercept
with the proper value.
c.If Jane spends all of her money on these two goods, how many
milkshakes can she buy if she buys three burgers this week?...

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