Louise's utility over baskets of pounds of Kale (K) and heads of Lettuce (L) is U(K,L) = 50K¹/2L¹2. At the margin, au(K,L)/ƏK = 25K-¹/2L¹/² and U(K,L)/L = 25K¹/²-¹/². The current price of Lettuce P₁ = $0.50/Head and the current price of Kale Pk = $2.00/Pound. Louise has an income of $32.00 for purchase of Kale and Lettuce. 13. Louise maximizes her utility consuming. a) 4 b) 8 c) 16 14. Louise's maximum utility equals a) 600 b) 720 c) 760 _utils. heads of Lettuce. d) 32 d) 800 e) 64 e) 960

Louise's utility over baskets of pounds of Kale (K) and heads of Lettuce (L) is U(K,L) = 50K¹/2L¹2. At the margin, au(K,L)/ƏK = 25K-¹/2L¹/² and U(K,L)/L = 25K¹/²-¹/². The current price of Lettuce P₁ = $0.50/Head and the current price of Kale Pk = $2.00/Pound. Louise has an income of $32.00 for purchase of Kale and Lettuce. 13. Louise maximizes her utility consuming. a) 4 b) 8 c) 16 14. Louise's maximum utility equals a) 600 b) 720 c) 760 _utils. heads of Lettuce. d) 32 d) 800 e) 64 e) 960

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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