dHomework Answers
Answer : Spending amount for 1 time consumption = (price of per ounce cream cheese * quantity of cream cheese) + (price of a bagel * quantity of bagel) = (0.5 * 5) + (1.50 * 1) = $4
Kasey's income = $20
So, with the income of $20 Kasey can consume (20 / 4) = 5 times
For 5 times the number of cream cheese consumption is (5 * 5) = 25 ounce of cream cheese
For 5 times the number of bagel consumption is (5 * 1) = 5 bagels
Therefore, by purchasing 5 bagels and 25 ounce of cream cheese Kasey will maximize the utility.
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d
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d
See Hint Which types of preferences will always result in an interior optimum for utility maximization (assuming income is greater than $0)? Choose one or more: A. perfect complements B. perfect substitutes C. Cobb-Douglas D. concave E. quasilinear
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