Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Julio receives utility from consuming food (F) and clothing (C) as given by the utility function U(F,C) = FC. In addition, the price of food is $3per unit, the price of clothing is $6 per unit, and Julio's weekly income is $50.What is Julio's marginal rate of substitution of food for clothing when utility is maximized? Explain.Julio's marginal rate of substitution equalsOA. 2.00, which is the price of clothing divided by the price of food.O B. 2.00, which is (minus) the slope of the budget line.OC.2.00, which is Julio's level of satisfaction.D. 0.50, which is the price of food divided by the price of clothing.O E. 0.50, which is the price of clothing divided by the price of food.Suppose instead that Julio is consuming a bundle with more food and less clothing than his utility maximizing bundle. Would this marginalrate of substitution of food for clothing be greater than or less than your answer above? Explain.If Julio is instead consuming a bundle with more food and less clothing than his utility maximizing bundle, then his marginal rate ofsubstitution will be0.50 because he will be consuming a bundle on the indifference curve that is▼hissatisfaction maximizing bundle.

Marginal Rate of Substitution: It represents the rate at which a person is willing to trade one good…

Julio receives utility from consuming food (F) and clothing (C) as given by the utility function U(F,C) = FC. In addition, the price of food is $3 per unit, the price of clothing is $6 per unit, and Julio's weekly income is $50. What is Julio's marginal rate of substitution of food for clothing when utility is maximized? Explain. Julio's marginal rate of substitution equals OA. 2.00, which is the price of clothing divided by the price of food. OB. 2.00, which is (minus) the slope of the budget line. OC. 2.00, which is Julio's level of satisfaction. O D. 0.50, which is the price of food divided by the price of clothing. OE. 0.50, which is the price of clothing divided by the price of food.

Julio receives utility from consuming food (F) and clothing (C) as given by the utility function U(F,C) = FC. In addition, the price of food is $3 per unit, the price of clothing is $6 per unit, and Julio's weekly income is $50. What is Julio's marginal rate of substitution of food for clothing when utility is maximized? Explain. Julio's marginal rate of substitution equals OA. 2.00, which is the price of clothing divided by the price of food. OB. 2.00, which is (minus) the slope of the budget line. OC. 2.00, which is Julio's level of satisfaction. O D. 0.50, which is the price of food divided by the price of clothing. OE. 0.50, which is the price of clothing divided by the price of food.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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