The wow expert Hand written solution is not allowed please Maximization Problem 1A juice stall at Bazar Ramadan Changlun sells two types offresh juice in 300 ml cups, the Refresher and the Super-Duper. The Refresher is made from 3 oranges, 2 apples anda slice of ginger. The Super Duper is made from one slice ofwatermelon, 3 apples and one orange. The owner of thejuice stall have 50 oranges, 40 apples, 10 slices ofwatermelon and 15 slices of ginger. Suppose thatRefreshers sell for RM6 each and Super-Dupers sell for RM8each. Find the number of Refreshers and Super-Dupers theyneed to make and sell to maximize the revenue.Juice/IngredientOrangesApplesGingerWatermelonRefreshers, x210Super-Dupers, y30150401510

Let's find the corner points of the feasible region: 1. Intersection of 3x+y=50 and 2x+3y=40:…

Answered: Maximization Problem 1 A juice stall at…

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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While deriving consumer's equilibrium, what is given? (a) Income of the consumer (b) Price of the commodities (c) Both income and price (d) None of the above Qy|
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Consider the utility function uu(xx, yy) 10 for all bundles (xx, yy) (a) What are strict preferences? What are the indifferences? (b) Argue that the preferences represented by this utility function are strictly convex or that they are not. (c) Árgue that the preferences represented by this utility function are complete or that they are not. (d) Argue that the preferences represented by this utility function are strongly monotonic or they are not.
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PROBLEM (1) Suppose a consumer has just enough money to afford the bundle of 3 apples and 2 oranges, and similarly she also has just enough money to afford the bundle of 2 apples and 4 oranges. (a) Denoting the number of apples with x and oranges with y, plot the two given bundles on a graph, and calculate the relative price of apples; px/ py. (b) If she buys only apples with her budget, how many can she buy? If she buys only oranges, how many can she buy? Write down the budget equation for the consumer. (Notice that knowing two points on the budget line, you can write down the budget equation, even though you weren't given the prices nor the income explicitly!) (c) Suppose MUx = 20 and MUY = 30 at some point on the budget line. Is she maximizing utility by choosing this bundle? If not, should she buy fewer apples (and more oranges), or more apples (and fewer oranges), to increase her utility? (d) Forget about (c); instead, you learn that her utility function is u(x,y) = Axy³. What is…

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