2. Suppose the consumer's budget constraint is given by 10F + 5S = 100 where F is...

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2. Suppose the consumer's budget constraint is given by 10F + 5S = 100 where F is food and S is shelter. How much food can he buy if he purchases 2 units of shelter?

3.The price of a bottle of beer is $1 and the price of a pizza is $10.The MRS of bottles of beer for pizza expressed by Karl is 5.Has Karl chosen the optimal amount of beer? How do you know? If Karl is not maximizing, what should he do to improve his situation? (Hint: what is the MRS at the consumer optimum point?)

Posted Date: Jun 25, 2024 05:02 PM

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2. Suppose the consumer's budget constraint is given by 10F + 5S = 100 where F is...

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