Category Fast answers

Suppose that a family spends $5,040 on either food (F) or clothing (C). Moreover, suppose that this family’s utility function is given by U(F,C) = 30F2C and the price of food is $10 per unit while the price of clothing…

Li, a very careful maximizer of utility, consumes two services, going to the movies and bowling. She has arranged her consumption of the two activities so that the marginal utility of going to a movie is 20 and the marginal…