Answer the following questions correctly.,,,

A consumer gets utility from bicycles, but they can only buy wheels (W) and frames (F) separately. They need 1 frame and 2 wheels to make a completed bicycle and get no utility from extra wheels or frames Which of the following could mpresent their preference? . a. U(W. F) = 2W + F . b. U(W. F) = W + 2F o c U(W, F) = min(2W, F) o d U(W, F) = min(W. 2F)A consumer has preferences given by U(x, y) = min(3x, by). Which of the following expressions represents the cortimel's Hicksian demand for ? U d suA consumer has a Cobb-Douglas utility function ( - ally/ The consumer has an income of $1200 and prices are p, $10 $10 The government imposes a 50%% sales tax on good a. How much revenue does this tix raise? 6 3 5100 0 b. $120 C $80 Q d. $60 Clear my choice A consumer has preferences that can be represented by a utility function U(:, y). We know that bundle A: (x=1, 940) gives them 6 utility and bundle B: (x=0, y=1) gives them 2 utility. We also know that the marginal utility of each good is strictly positive at any point. Based only on this information, what can we say for sure about bundle C. (x=0, y=2)? @ a. The consumer prefers bundle A to bundle C b, The consumer prefers bundle C to bundle B c. Both of the above must be true d. Neither of the above must be trueWhen the price of good * is 1, a consumer with income I - 200 consumes 20 urts al s. When the price increases to 2, the same consumer consumes 10 units of a twith income still found at 2001, if they had kept their utility at the same jewel as before the price change and minimized expenditure, they would have consumed 16 units of a at the new prices. What is the income effect of the price change? 0 b -10 CO od -6Consider a consumer that derives utility trom two goods. wine { W ) and cloth i C ). in the following way: U(W,C) = |ogW+ logC This consumer has income Y that has to spend in W and C . That is. this consumer has to decide optimally how many gallons of W to consume, and how many yards of C to consume. The market price of a gallon of W is D\