economics

19. Julio receives utility from consuming food (F) and clothing (C) as given by the utility function U (C, F) 2 FC. In addition, the price of food is $2 per unit, the price of clothing is $10 per unit, and Julio's weekly income is $50. a. What is J ulio's marginal rate of substitution of food for clothing when utility is maximized? Explain. b. Suppose instead that Julio is consuming a bundle with more food and less clothing than his utility maximizing bundle. Would his marginal rate of substitution of food for clothing be greater than or less than your answer in part a? Explain. 26?. which oi\" the Following tlaree groups is likely to have the most, and which the feast, priceelastic demand For membership in the Association oF Business Economists? at. students b. junior executives c. senior executives 34. Judy has decided to allocate exactly $500 to college textbooks everg gear) even though sine knows that tine prices are likely to increase log 5 to 10 percent per gear and that slne will be getting a substantial monetarg gilt From her grandparents next year. What is Jadg's price elasticity ol' demand For textbooks? income elasticity?