# Can I please have help with parts 4-6? Thank you! Question 3: Sandwiches (30 points) Anabelle...

###### Question:

Can I please have help with parts 4-6? Thank you!

Question 3: Sandwiches (30 points) Anabelle does not like to mix peanut butter and jelly in the same sandwich. However, she will consume them separately; for her, a sandwich with 1 spoon of peanut butter is exactly the same as a sandwich with 2 spoons of jelly. Anabelle has an income of m = 50, and the prices per spoonful of peanut butter and jelly are PPB 5 and pj=1. = 1. Write down Anabelle's utility function over peanut butter (PB) and jelly (J). [2 points] 2. Determine Anabelle’s Marshallian demands PBM and Jm. [4 points] 3. Determine Anabelle's new Marshallian demands PB** and Jm*, when the price of peanut butter falls to ppl = 1. (4 points] 4. What are the (Hicks) SE and IE? Draw a diagram to show your analysis, with peanut butter on the horizontal axis, and jelly on the vertical axis. [6 points] 5. Recall that there are two different types of substitution effects. For example, in Q2 we have used the Hicks SE. Does your answer to the last part change if we use the Slutsky SE? Justify. [4 points] 6. Abid likes his peanut butter and jelly sandwiches with exactly 2 spoons of peanut butter and 1 spoon of jelly. He also has an income of m= - 50, and faces prices per spoonful of ppl = 5 and pj = 1. Repeat parts (1)-(5) for Abid's preferences. [10 points, graded for completion]

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