1 answer

3.2) (10 points) Jane likes to have Tea (T) with Cookies (C). She always has 4...

Question:

3.2) (10 points) Jane likes to have Tea (T) with Cookies (C). She always has 4 cookies for every cup of tea. 3.2a) (points) D

3.2c) (4 points) If the price of a cup of tea, Py = $2 and the price of one unit of cookies, Pc = 50.5 and Jane has 512 to sp

3.2) (10 points) Jane likes to have Tea (T) with Cookies (C). She always has 4 cookies for every cup of tea. 3.2a) (points) Draw 2 indifference curves that describe her preferences with Cookies (C) on the horizontal axis and Tea (T) on the vertical axis. 3.2b) (3 points) What is her utility function that would represent her preferences? • Her utility function: UCT) -
3.2c) (4 points) If the price of a cup of tea, Py = $2 and the price of one unit of cookies, Pc = 50.5 and Jane has 512 to spend on Tea and Cookies. How many of each product would she buy • She buys cup(s) of tea. She buys cookie(s)

Answers

T (As the (a) consumed so they goods together, are con -shaped-) and thad is L-s complements their IC IC 2 IC, - C (6) UCC,7)

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