3 QUESTION 10Mike from Minnesota and Caty from California are trading fresh water fish (bass) and salt water fish (salmon).Mike catches 100 bass and 0 salmon.Caty catches O bass and 50 salmon.Both Mike and Caty have product utility function. Their happiness is c1'c2, where ct.is how many bass they eat, and c2 is how many salmon they eatIn an equilibrium where Mike and Cath trade, the equilibrium exchange rato is 1 basS salmon

Given information: Mike catches a number of bass = 100 bass Caty catches a number of salmon = 50

Mike from Minnesota and Caty from California are trading fresh water fish (bass) and salt water fish (salmon). Mike catches 100 bass and 0 salmon. Caty catches O bass and 50 salmon. Both Mike and Caty have product utility funotion. Their happiness is c1'c2, where ct is how many bass they eat, and c2 is how many salmon they eat In an equilibrium where Mike and Cath trade, the equilibrium exchange rato is 1 bass salmon

Mike from Minnesota and Caty from California are trading fresh water fish (bass) and salt water fish (salmon). Mike catches 100 bass and 0 salmon. Caty catches O bass and 50 salmon. Both Mike and Caty have product utility funotion. Their happiness is c1'c2, where ct is how many bass they eat, and c2 is how many salmon they eat In an equilibrium where Mike and Cath trade, the equilibrium exchange rato is 1 bass salmon

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 1SCQ: Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can...

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Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a roundâ€”trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.
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