13. (2 points) Jojo is very particular about his sandwiches. Each sandwich must contain exactly 2 slices of bread (qi] and three slices of cheese (q2). He wants to make as many sandwiches as possible but will never deviate from these proportions of bread and cheese. What is his utility function? U(q1,q2) = MIN(3q:,2q:} or any function MIN{1.5aqr,aq:} If bread costs $0.20 per slice and cheese costs $0.10 per slice, and his income is $7, how much bread and cheese does he purchase? 91 = 20 92 = 30 14. (2 points) Jon is indifferent between canned soup (qi] and fresh soup (q2). He simply wants to consume the most soup servings possible. Canned soup sells for $1 per serving and fresh soup sells for $2 per serving. What is the utility function representing his preferences for these two kinds of soup? What is the Marginal Rate of Substitution? U(q:,q2) = _q:+q2 or any function aq:+aqz. MRS = -1_ 15. The graph to the right shows changes in the price of good 1 and the corresponding optimal bundles. According to the graph: a. The price-consumption curve is vertical and the demand curve for good 1 is horizontal. b. The price-consumption curve is horizontal and Good 2 the demand curve for good 1 is vertical. c. The price-consumption curve is vertical and the demand curve for good 1 is vertical. d. The price-consumption curve is vertical and the demand curve for good 1 is downward BC3 sloping. IC1 Good 16. Use the graph below to draw the following: In the Labor-Leisure model, the budget constraint for a worker who and faces an hourly wage of w=40 and no other sources of income. Label the intercept values. Purchased Goods Leisure