1) Ambrose has the utility function U(x,x:) = 4x: + xX:. (X:: nuts, x:: berries). a) If Ambrose is initially consuming 25 units of nuts and 17 units of berries, then what is the largest number of berries that he would be willing to give up in return for an additonal 39 units of nuts? b) If Ambrose has an income of 30 liras, the price of nuts is 2 and the price of berries is 1 liras, what is the ordinary demand of Ambrose? What is the corresponding utility level?

1) Ambrose has the utility function U(x,x:) = 4x: + xX:. (X:: nuts, x:: berries). a) If Ambrose is initially consuming 25 units of nuts and 17 units of berries, then what is the largest number of berries that he would be willing to give up in return for an additonal 39 units of nuts? b) If Ambrose has an income of 30 liras, the price of nuts is 2 and the price of berries is 1 liras, what is the ordinary demand of Ambrose? What is the corresponding utility level?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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