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help problem 4 thank you Problem 4: (15 POINTS) Cosmo Cramer can only stand to drink ten if the cup of tea contains 2 spoons
help problem 4 thank you
Problem 4: (15 POINTS) Cosmo Cramer can only stand to drink ten if the cup of tea contains 2 spoons of sugar. That is, for every cup of tea he drinks, he requires 2 spoons of sugar a. Draw a set of Cosmo's indifference curves putting sugar on the horizontal axis and the tea on the vertical axis. b. Write out a utility function that represents Cosmo's preferences and use to represent ten and S to represent sugar Write out a budget constraint in general form and use Prto represent the price of ten, Ps to represent price of sugar, and M to represent income. Write out the demand functions for both tea and sugar. If the Cosmo has $4 to spend on tea and sugar and tea costs $1 per cup and sugar costs $0.50 per spoonful, what will Cosmo consume? C d c Problem 4: (15 POINTS) Cosmo Cramer can only stand to drink ten if the cup of tea contains 2 spoons of sugar. That is, for every cup of tea he drinks, he requires 2 spoons of sugar a. Draw a set of Cosmo's indifference curves putting sugar on the horizontal axis and the tea on the vertical axis. b. Write out a utility function that represents Cosmo's preferences and use to represent ten and S to represent sugar Write out a budget constraint in general form and use Prto represent the price of ten, Ps to represent price of sugar, and M to represent income. Write out the demand functions for both tea and sugar. If the Cosmo has $4 to spend on tea and sugar and tea costs $1 per cup and sugar costs $0.50 per spoonful, what will Cosmo consume? C d c Problem 4: (15 POINTS) Cosmo Cramer can only stand to drink ten if the cup of tea contains 2 spoons of sugar. That is, for every cup of tea he drinks, he requires 2 spoons of sugar a. Draw a set of Cosmo's indifference curves putting sugar on the horizontal axis and the tea on the vertical axis. b. Write out a utility function that represents Cosmo's preferences and use to represent ten and S to represent sugar Write out a budget constraint in general form and use Prto represent the price of ten, Ps to represent price of sugar, and M to represent income. Write out the demand functions for both tea and sugar. If the Cosmo has $4 to spend on tea and sugar and tea costs $1 per cup and sugar costs $0.50 per spoonful, what will Cosmo consume? C d c Step by Step Solution
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