PLEASE SHOW YOUR WORK. 1. Mandy always consumed cereal and milk in fixed proportions.Her utility function is of the following form:

U =min{ 80 Cereal, 118 Milk} The price of milk is $7 per bottle, the price of cereal is $12 per bowl and her income is $2220. What is Mandy's optimal consumption amount of milk? 2. Mandy always consumes cereal and milk in fixed proportions.Her utility function is of the following form:

U=min{ 42 Cereal, 44 Milk} The price of milk is $43 per bottle, the price of cereal is $22 per bowl and her income is $1544. What is Mandy's amount of maximized utility? 3. The utility function and the prices are the following: U =min{ 10 x₁, 84 x₂} P₁=94, P₂=11 and I =4884 What is the amount of maximized utility?

Researchers have found that the preferences over cafeteria food take the following form: U = 115 PC + 285 FC - 158 PZ - 66 Costs PC= number of pork chops FC= number of fried chicken pieces PZ = number of pizza slices Costs= cost in dollars of lunch

How many pork chops is the consumer willing to give up to obtain one more piece of fried chicken? (hint: use MRS and make fried chicken x1 and enter this number as positive NO NEGATIVE NUMBERS)

5. The utility function and the prices are the following: U =min{ 113 x₁, 57 x₂} P₁=35, P₂=18 and I =1705 What is the optimal amount of x₂?

Cencal : 59 milk. 40 and budget constraints. OJ. 7 milk + 12 Cereal = 2220 40 =) 7 milk+ 13 ( 22 milk ) = 2220[ : cereal = 59 40 - milk). 37 ( 7 x 40 ) milk + (12 x 59 ) milk : 2220 x 40 -) 280 milk + 708 milk : 88, 800 g88 milk = 88, 80 0 88, 800 -> milk : 3 88 2 89. 88 So milk = 89.88