Roman loves corn bread. He buys corn meal and wheat flour in order to make corn bread. His recipe calls for two cups of corn meal and one cup of flour for each batch that he bakes. More corn bread is better for Roman. He can bake fractions of a batch, but has no use for corn meal or flour that is left over. What of the following is Roman’s utility function on cups of corn meal, denoted by c, and cups of flour, denoted by f?

Q: Gabriel, a student, has a budget of £60 to spend on cappuccinos (good X) and on cups of tea (good Y)…

A: Given,

Q: Mort consumes only beer and sausages. His income is $100. Beer costs him $0.50 per can and sausages…

A: Utility maximization refers to the process where individuals aim to allocate their resources in a…

Q: Thomas has the following utility function over milkshakes (m) and smoothies (S): U (m,s) =m+ 3s…

A: Above question represents perfectly substitutable preferences , and for these kind of preferences…

Q: Jane spends $210 per month on wine and beer. Her utility function is given by TU = 100WB, where W…

A: Jane's utility function: Here, W represents the number of bottles of wine and B represents the…

Q: You have the Cobb-Douglas utility function u(x,y) = xy over apples (x) and plums (y) and you have…

A: To construct a set of feasible set of bundle we need to keep both the budget income and weight…

Q: The utility function for Morris is U = min{4M, 2T}, where M is pints of milk and T is cans of tuna.…

A: In equilibrium: 4M = 2T  [ as utility function is of perfect complement hoods] T = 2M Substituting…

Q: Suppose Ed's utility from the consumption of martinis (m) is proportional to the number he drinks:…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: A consumer has set a budget of $400 for the consumption of good X and Y. The price of Good X is…

A: Utility function : U (X, Y ) =  x y Price of x  : Px Price of y : 5 Budget Set = 400 Therefore ,…

Q: Consider a utility function given by u(x, y) = (ax² + by). It is called CES utility function.

A: Given utility function   u(x,y)=axρ+byρ1ρGiven utility function is known as CES production…

Q: Consider a consumer who consumes pizzas and soft drinks. The utility function is given by U (p, s) =…

A: The satisfaction a customer experiences from consuming a combination of services and items is…

Q: Romeo will purchase his original bundle. Romeo's budget line rotates inwards about the chocolates…

A: A Budget line represents different bundles of two goods that consumers purchase with the given…

Q: Milo spends £27 on stamps (S) and maple candy (C). His preferences for these goods are given by the…

A: Given ,  Milo income = 27  Utility function : U = min { S , 3C  }  Price of Stamps = 1.1  Price of…

Q: Consider the consumer whose tastes and preferences for (X) and (Y) can be characterized by the…

A: The utility function can be written as follows: The budget constraint can be written as follows:

Q: Donna and Jim are two consumers purchasing strawberries and chocolate. Jim’s utility function is…

A: MUx (for Jim) = y MUy (for Jim) = xPx = $2     and  Py = $4   ( as given in another subpart of…

Q: David consumes two things: gasoline (q₁) and bread (92). David's utility function is U(91, 92)=3091₁…

A: A consumer will maximise the utility at a point where marginal rate of substitution is equal to the…

Q: Pedro, a retired economics professor, grows lemons and oranges in his back- yard. He consumes some…

A: Given information Pedro's utility function  U= Min(X,Y) An endowment of lemon (X)=20 pounds…

Q: Problem 1. Ted is an eight-year-old boy who loves Pokémon cards and Lego minifigures. His father…

A: Since you have posted multiple questions, we will provide the solution only to the first three…

Q: Huang is determining how much Coke and Pepsi he will buy. Use the information in italics to answer…

A: Utility function shows the relationship between units of goods and utility derived from the goods.

Q: Huang is determining how much Coke and Pepsi he will buy. Use the information polded question below.…

A: Substitute goods are used for each other. The corner solution will exist in the market if goods are…

Q: Maya is doing her undergrad at Queen's University. She loves donuts and chocolate chip cookies…

A: a) When the price of CCC (chocolate chip cookies) is $1, which is the same as the price of donuts,…

Q: Based on his income and prices of either good, what is the most Huang could buy of either soft…

A: A consumer always maximizes his/her utility given his/her budget constraint where the slope of the…

Q: The vending machine in Katherine's office building offers cans of pop and candies. Katherine's…

A: Answer: Given, Utility function: U=3PC Price of pop PP=$1Price of Candy PC=$0.5Total income M=$10…

Q: Q6 If the utility function of consumption of a pizzas and y sodas is ry, the cost of pizzas is $5…

A: Utility maximization problem: With the given prices and income, a consumer chooses his consumption…

Q: Refer to the following table. Suppose strawberries cost $1 and apples cost $2. SHow all the formulas…

A: Marginal utility is the change in utility with an additional unit of consumption.  MU per dollar is…

Q: • The price of Coke (Pc) is $0.50/can. • The price of Pepsi (Pp) is $1.00/can. Based on his budget…

A: The utility preferences are perfect substitutes  MRS = (dU/dC)/ (dU/dP)  MRS = 2/3 relative price…

Q: Jasper utility function for beer and pizza can be expressed as: U(B,P) = BXP Suppose beer costs $5…

A: A utility function is a mathematical representation that quantifies a consumer's preferences or…

Q: UC (c, w) = Inc+w. Dobbin's utility function is UD (c, w) = cw. Carmen has 38 pounds o cheese and 3…

A: Q1. A Pareto optimal allocation is one where one agent cannot be made better-off without making some…

Q: Suppose we are able to model the total utility function for the consumption of two goods, good x and…

A: Utility is maximized when slope of indifference curve given by ratio of marginal utilities and slope…

Q: Another instance when people are likely not to spend a dime (or a minute) on an item is when they…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.