Sub : EconomicsPls answer As Early As Possible.Dnt CHATGPT.I ll upvote. Thank You 3. Martha has preferences represented by the utility function U(a,b) = ab/100, where "a" is the numberof ounces of animal crackers that she consumes and "b" is the number of ounces of beans that sheconsumes. Bertha has preferences represented by the utility function V(a,b) = 1000a²b², where "a" and"b" represent animal crackers and beans.A) Calculate the locus of points (four sets of coördinates) that Martha finds indifferent to having 8ounces of animal crackers and 2 ounces of beans. (Hint: You must calculate utility first.) Also calculatethe locus of points that she finds indifferent to having 6 ounces of animal crackers and 4 ounces ofbeans. Repeat the analysis for Bertha. Fill the values in the Table below.Utility at a=8,b=2Locus of pointsfor Utility ata=8, b=2 (list 4coördinates)PersonMarthaBerthaB) Are Martha's preferences convex? Explain.C) How are Martha and Bertha's preferences related?Utility at a=6,b=4Locus of pointsfor Utility ata=6, b=4 (list 4coördinates)

Utility function of Martha = a*b/100 Utility function of Bertha = 1000a2b2

. Martha has preferences represented by the utility function U(a,b) = ab/100, where "a" is the number of ounces of animal crackers that she consumes and "b" is the number of ounces of beans that she onsumes. Bertha has preferences represented by the utility function V(a,b) = 1000a²b², where "a" and b" represent animal crackers and beans. A) Calculate the locus of points (four sets of coördinates) that Martha finds indifferent to having 8 unces of animal crackers and 2 ounces of beans. (Hint: You must calculate utility first.) Also calculate he locus of points that she finds indifferent to having 6 ounces of animal crackers and 4 ounces of eans. Repeat the analysis for Bertha. Fill the values in the Table below.

. Martha has preferences represented by the utility function U(a,b) = ab/100, where "a" is the number of ounces of animal crackers that she consumes and "b" is the number of ounces of beans that she onsumes. Bertha has preferences represented by the utility function V(a,b) = 1000a²b², where "a" and b" represent animal crackers and beans. A) Calculate the locus of points (four sets of coördinates) that Martha finds indifferent to having 8 unces of animal crackers and 2 ounces of beans. (Hint: You must calculate utility first.) Also calculate he locus of points that she finds indifferent to having 6 ounces of animal crackers and 4 ounces of eans. Repeat the analysis for Bertha. Fill the values in the Table below.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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