Answers needed to parts d, and e. 3. Akua is a School of Agriculture graduate and consumes 2 goods: Yoghurt and Bread.Akua also earns a typical student income from the parents, GHS 400 a month. She caneither spend it all on Yoghurts and get 50, or she can spend it all on Bread and get 200loaves.a. Given this information, construct the equation for Akua's Budget Line.b. The following are the bundles that Akua can afford with her income:YoghurtBread108020Fill the blanks in the table with the quantities that will exhaust Akua's income.c. Akua gets a research grant and her income increases to GHS 800 per month. What isthe new equation of her budget line? What if income stays constant at GHS 400 andthe price of Yoghurts increase to GHS10?d. Assume that prices are the same as used in part a. If the marginal utility of a Yoghurtis 20, what is the marginal utility of Bread if she is maximizing her utility?e. Now assume that Yoghurt and Bread are compliments for Akua. For her to consumeall her income of GHS 400, and the prices used in part a. What if Yoghurt is so SOURthat Akua needs 2 loaves of bread for every Yoghurt that she consumes?

d. Price of Yogurt = GHS 8 Price of Bread = GHS 2 MU of Yogurt = 20 MU of Bread = x For utility…

the price of Yoghurts increase to GHS10? d. Assume that prices are the same as used in part a. If the marginal utility of a Yoghurt is 20, what is the marginal utility of Bread if she is maximizing her utility? e. Now assume that Yoghurt and Bread are compliments for Akua. For her to consume all her income of GHS 400, and the prices used in part a. What if Yoghurt is so SOUR that Akua needs 2 loaves of bread for every Yoghurt that she consumes?

the price of Yoghurts increase to GHS10? d. Assume that prices are the same as used in part a. If the marginal utility of a Yoghurt is 20, what is the marginal utility of Bread if she is maximizing her utility? e. Now assume that Yoghurt and Bread are compliments for Akua. For her to consume all her income of GHS 400, and the prices used in part a. What if Yoghurt is so SOUR that Akua needs 2 loaves of bread for every Yoghurt that she consumes?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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