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3. A forager will do whatever she must to ensure she drinks enough water and eats enough food to survive. Over the course of a month, say these amounts are 30 liters of water and 15,000 calories of food. We can model this with the utility function u(w, f) = (w − 30)(f – 15,000), where w is liters of water and f is calories of food.1 - If the magnitude of the forager's marginal rate of substitution for food with water (i.e., w is on the horizontal axis) is 125 and she is consuming 20,000 calories of food, how many liters of water is she consuming? a. 60 liters b. 70 liters c. 80 liters d. 90 liters e. 100 liters

3. A forager will do whatever she must to ensure she drinks enough water and eats enough food to survive. Over the course of a month, say these amounts are 30 liters of water and 15,000 calories of food. We can model this with the utility function u(w, f) = (w − 30)(f – 15,000), where w is liters of water and f is calories of food.1 - If the magnitude of the forager's marginal rate of substitution for food with water (i.e., w is on the horizontal axis) is 125 and she is consuming 20,000 calories of food, how many liters of water is she consuming? a. 60 liters b. 70 liters c. 80 liters d. 90 liters e. 100 liters

Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter4: Utility Maximization And Choice
Section: Chapter Questions
Problem 4.3P
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3. A forager will do whatever she must to ensure she drinks enough water and eats enough food to survive. Over the course of a month, say these amounts are 30 liters of water and 15,000 calories of food. We can model this with the utility function u(w, f) = (w − 30)(f – 15,000), where w is liters of water and f is calories of food.1 - If the magnitude of the forager's marginal rate of substitution for food with water (i.e., w is on the horizontal axis) is 125 and she is consuming 20,000 calories of food, how many liters of water is she consuming? a. 60 liters b. 70 liters c. 80 liters d. 90 liters e. 100 liters
Transcribed Image Text:3. A forager will do whatever she must to ensure she drinks enough water and eats enough food to survive. Over the course of a month, say these amounts are 30 liters of water and 15,000 calories of food. We can model this with the utility function u(w, f) = (w − 30)(f – 15,000), where w is liters of water and f is calories of food.1 - If the magnitude of the forager's marginal rate of substitution for food with water (i.e., w is on the horizontal axis) is 125 and she is consuming 20,000 calories of food, how many liters of water is she consuming? a. 60 liters b. 70 liters c. 80 liters d. 90 liters e. 100 liters
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