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Please show all work. Thank you. QUESTION 4 Stephanie is planning an ofce party. She has the following utility function for fruit and cheese: U(F,C)=min{6F,2C}

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QUESTION 4 Stephanie is planning an ofce party. She has the following utility function for fruit and cheese: U(F,C)=min{6F,2C} She has an income equal to $ 50 to spend on cheese and fruit. She prices the fruit and cheese during the first week of October. At this time the price of fruit per pound $ 1 and the price of cheese per pound equals $ 3 . During the second week of October the price of fruit increased to $ 5 . 5 per pound. If Stephanie purchases the fruit and cheese at this time what is the magnitude of the substitution effect of this price change measured in pounds of fruit? Round your answer to the fourth decimal point. |:| QUESTION 5 Stephanie is planning an ofce party. She has the following utility function for fruit and cheese: U(F,C)=min{8F,80} She has an income equal to $ 100 to spend on cheese and fruit. She prices the fruit and cheese during the first week of October. At this time the price of fruit per pound $ 5 and the price of cheese per pound equals $ 4 . During the second week of October the price of fruit increased to $ 6 per pound. If Stephanie purchases the fruit and cheese at this time what is the magnitude of the income effect of this price change measured in pounds of fruit? Round your answer to the fourth decimal point. :l

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