Question

4. The Buffet You have decided to eat sushi for lunch and have a grand total of $20 to spend. Whatever money you have left over from buying sushi rolls will be spent on cans of soda to get you through the rest of the day. Your problem is to choose the best combination of sushi rolls and cans of soda. (a) You decide to head over to Oshio Cafe due to its convenient proximity to the economics department. A sushi roll is $6 and cans of soda are $1. Sketch your Problem Set 1 3 budget constraint, being certain to label any relevant intercepts. (Throughout this problem, assume that you can purchase fractions of sushi rolls and fractions of cans of soda.) (b) Let's say that your utility for a bundle of sushi rolls (R) and cans of soda (C) is given by the following function: $U(R, C) = 30R^{\frac{1}{3}}C^{\frac{2}{3}}$. Derive the marginal utility of R and the marginal utility of C. (2)

          4. The Buffet
You have decided to eat sushi for lunch and have a grand total of $20 to spend.
Whatever money you have left over from buying sushi rolls will be spent on cans of
soda to get you through the rest of the day. Your problem is to choose the best
combination of sushi rolls and cans of soda.
(a) You decide to head over to Oshio Cafe due to its convenient proximity to the
economics department. A sushi roll is $6 and cans of soda are $1. Sketch your
Problem Set 1
3
budget constraint, being certain to label any relevant intercepts. (Throughout
this problem, assume that you can purchase fractions of sushi rolls and fractions
of cans of soda.)
(b) Let's say that your utility for a bundle of sushi rolls (R) and cans of soda (C) is
given by the following function:
$U(R, C) = 30R^{\frac{1}{3}}C^{\frac{2}{3}}$.
Derive the marginal utility of R and the marginal utility of C.
(2)

$4. The Buffet You have decided to eat sushi for lunch and have a grand total of 20 to spend. Whatever money you have left over from buying sushi rolls will be spent on cans of soda to get you through the rest of the day. Your problem is to choose the best combination of sushi rolls and cans of soda. (a) You decide to head over to Oshio Cafe due to its convenient proximity to the economics department. A sushi roll is6 and cans of soda are 1. Sketch your Problem Set 1 3 budget constraint, being certain to label any relevant intercepts. (Throughout this problem, assume that you can purchase fractions of sushi rolls and fractions of cans of soda.) (b) Let's say that your utility for a bundle of sushi rolls (R) and cans of soda (C) is given by the following function:U(R, C) = 30R^(1)/(3)C^(2)/(3). Derive the marginal utility of R and the marginal utility of C. (2)$

Added by Colton M.

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