No written by hand solution 18. Aisling eats turkey and bread sandwiches for lunch and regards turkey and bread as perfectcomplements. For every 2 slices of bread (B), she requires exactly 3 slices of turkey (T). Aisling has$14 to spend on bread and turkey, each slice of bread costs 50 cents, and each slice of turkey costs25 cents. Her utility function is and her optimal bundle isa. U min(2B,3T); 14 slices of bread and 21 slices of turkeyb. U min(3B,2T); 14 slices of bread and 21 slices of turkeyc. U-min(2B,3T); 16 slices of bread and 24 slices of turkeyd. U min(3B,2T); 16 slices of bread and 24 slices of turkey19. Kara's preferences for ravioli (R) and tortellini (T) are described by the utility function,U(R, T) = 5R + 4T. Suppose Kara has $12 to spend on these pastas, and the price of a ravioli is $1.She is willing to traderaviolis for each additional tortellini, to remain as well off. Shewill maximize her utility by consuming only tortellini if the price of tortellini is less thana. 4/5; $0.80b. 4/5; $1.25c. 5/4; $0.80d.5/4; $1.25e. 5/4; $120. For which of the following utility functions are corner solutions not possible? (Select all thatapply.)a. U(X,Y)= 3X + 4Yb. U(X,Y)= X2/3y1/3c. U(X,Y)= 3 In(X) + 5Yd. U(X,Y)= 2X+Y²e. U(X,Y)= min (3X, 4Y)

A utility function is a mathematical representation of a consumer’s preferences over a set of goods…

18. Aisling eats turkey and bread sandwiches for lunch and regards turkey and bread as perfect complements. For every 2 slices of bread (B), she requires exactly 3 slices of turkey (T). Aisling has $14 to spend on bread and turkey, each slice of bread costs 50 cents, and each slice of turkey costs 25 cents. Her utility function is and her optimal bundle is

18. Aisling eats turkey and bread sandwiches for lunch and regards turkey and bread as perfect complements. For every 2 slices of bread (B), she requires exactly 3 slices of turkey (T). Aisling has $14 to spend on bread and turkey, each slice of bread costs 50 cents, and each slice of turkey costs 25 cents. Her utility function is and her optimal bundle is

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter3: Preferences And Utility

Section: Chapter Questions

Problem 3.7P

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