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Microeconomics homework, any help is greatly appreciated, thanks 3. Tim gets utility from only two goods, rice (R) and beans (B). His preferences are represented

Microeconomics homework, any help is greatly appreciated, thanks

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3. Tim gets utility from only two goods, rice (R) and beans (B). His preferences are represented by the utility function U(R, B) = R . B . His income is M, and the goods' prices are pr and pa. a. Compute Tim's demand functions for both goods. b. Compute his price elasticity of demand for beans, his cross-price elasticity of demand for beans (with respect to the price of rice), and his income elasticity of demand for beans. 4. Joe can allocate his time between working (L) and leisure (R), and spends all 24 hours per day doing one or the other. He has non-labour income of M and earns a wage of w dollars per hour, which he spends entirely on consumption of good c, which has price p. His utility function is U(c, R) = c-R. a. Find Joe's budget and time constraints, and combine them into a single constraint. b. Calculate Joe's marginal rate of substitution between c and R. (This will be a function of c and R.) c. Find Joe's demand functions for c and R, and his labour-supply function

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