Zookal Homework Help

Homework Help

  1. Business
  2. Economics
  3. colonel pickering likes to consume crisps and soda in the...

Question: colonel pickering likes to consume crisps and soda in the...

Question details

Colonel Pickering likes to consume crisps and soda in the fixed proportion of 2 cans of soda (s) for each bag of crisps (c) 4. Graph one of Colonel Pickerings indifference curves in a diagram with bags of crisps (c) on the horizontal axis and cans of soda (s) on the vertical axis. Write down a utility function U(c, s) that represents these preferences. a. b. If the price of soda is $I per can, the price of crisps is $4 per bag, and Colonel Pickering has a total income of $18, what is Pickerings utility maximizing combination of bags of popcorn and bags of crisps?

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution