(Answered) Mandy drinks cranberry juice and vodka in fixed

Economics

Mandy drinks cranberry juice and vodka in fixed proportions. Her utility function is of the following form:

U =min{ 93 Cranberry Juice, 32 Vodka}

The price of vodka is $67 per ounce, the price of cranberry juice is $27 per ounce and her income is $2,738.

What is Mandy's optimal consumption amount of vodka?

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M93086231
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Economics

Determine the minimum sample size required when you want to

Determine the minimum sample size required when you want to be 98% confident that the sample mean is within two units of the population mean. Assume a standard deviation of 4.82 in a normally distributed population.

How does a high-tech industry differ from most other

How does a high-tech industry differ from most other industries? Provide two examples.

Suppose that a firm had a production function given by

Suppose that a firm had a production function given by: q=L0.25K0.75. The wage rate (w) is $5 and the rental rate (r) is $10. Calculate the amount of labor the firm would hire when it produces 400 units of output in a co ...

Why would a policy of re-importation of prescription drugs

Why would a policy of re-importation of prescription drugs be ineffective?

Question parents decided to set aside money for their

Question: Parents decided to set aside money for their child's higher education. The objective is to provide $35,000 in today's dollars after 17 years. Their financial analyst forecasted that the average annual inflation ...

1 in the united states many agricultural products such as

1. In the United States, many agricultural products (such as corn, wheat, and rice) are subsidized. What are the benefits of subsidizing these products? Instructions: You may select more than one answer. Click the box w ...

What is the role of local government leadership in assuring

What is the role of local government leadership in assuring that departments and divisions work together to achieve municipal goals and objectives?

What is the putting out system what does it illustratea an

What is the "putting out" system? What does it illustrate? a. An experimental system in which white slave owners assigned slave families a plot of land, and let the slaves market X% of the resulting harvest. This illustr ...

Qxd 14 - 12 pxnbspnbspnbspandnbspqxs 14pxnbsp-

QXd = 14 - (1/2) P X and QXS = (1/4)P X - 1 a. Determine the equilibrium price and quantity. Show the equilibrium graphically. b. Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price a ...

How is the study of how firms decisions about prices and

How is the study of how firms' decisions about prices and quantities depend on the market conditions they face,the field of industrial organization, and the cost of production.

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert