Joey likes beer and whisky and spends £75 in total on drink. His utility function for whisky (w) and beer (b) is = 5 + .
He can buy beer at £2 a can but the liquor store tries to discourage overconsumption of spirits by charging higher prices for larger quantities: the cost in dollars of bottles of whisky works out at !.
a. How many cans of beer and how many bottles of whisky does Joey consume?
b. Illustrate your answer with a clearly labelled diagram showing Joey's budget constraint and his indifference curve passing through the optimal consumption bundle.
c. Joey's friend Ross shops at the same liquor store and spends the same amount on drink. Jim, however, insists on drinking beer and whisky together. His utility function is = min{5, } How much beer and whisky does Jim buy?​

Answers

Answer 1
So what even is this make it shorter and I should be able to answer it
Answer 2
Joey spends £75 in total on drink. The cost of beer is £2 per can, and the cost of whisky is £6 per bottle.The budget constraint is: 2b + 6w = 75In summary, to fully answer the questions, we would need the specific numerical values for the utility function and the budget constraint.

To answer the questions, we need to understand the utility functions and budget constraints for both Joey and Jim. Let's break it down step by step:

Joey's Utility Function and Budget Constraint:

Joey's utility function for whisky (w) and beer (b) is given by: U(w, b) = 5 + (w^0.3 * b^0.7)

w: The quantity of whisky (in bottles) consumed by Joey

b: The quantity of beer (in cans) consumed by Joey

Joey spends £75 in total on drink. The cost of beer is £2 per can, and the cost of whisky is £6 per bottle.

To find how many cans of beer and bottles of whisky Joey consumes, we need to maximize his utility function while staying within his budget constraint.

Joey's Budget Constraint:

Joey's total expenditure on drink (E) is given by: E = 2b + 6w

And we know that E = £75.

So, the budget constraint is: 2b + 6w = 75

Now, we can solve this problem using optimization techniques. However, without specific numerical values for the utility function and budget constraint, it's not possible to determine the exact quantities of beer and whisky consumed by Joey. We can only find the optimal consumption bundle if the specific values are given.

Joey's Indifference Curve and Budget Constraint Diagram:

To illustrate Joey's optimal consumption bundle, we would need to plot his indifference curve (representing his preferences) and his budget constraint (showing all possible affordable combinations of beer and whisky). However, without the exact values, we cannot draw the diagram.

Jim's Utility Function and Consumption:

Jim's utility function for beer (b) and whisky (w) is given by: U(b, w) = min{5, (w^0.3 * b^0.7)}

Jim's utility function shows that he insists on drinking beer and whisky together, and his utility is the minimum of 5 and the product of whisky and beer raised to certain powers.

Again, without specific numerical values for the utility function, we cannot determine the exact quantities of beer and whisky consumed by Jim.

In summary, to fully answer the questions, we would need the specific numerical values for the utility function and the budget constraint. With those values, we could then calculate the optimal consumption bundles for both Joey and Jim.

To know more about overconsumption here

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Related Questions

y-y, = m (x - x) if
Slope = 3
Passes though the point (2,-4)

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The answer is y+4=3x-2

No Solutions 2x + 5 + 2x + 3x = One Solution 2x+5+ 2x + 3x = Infinitely Many Solutions 2x + 5 + 2x + 3x =

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Answer:

2x+5+2x +3x=7x+5       2x +5+ 2x + 3x = 7x+5

Step-by-step explanation:

The scale on a drawing is 2:in:5yd. If a length on the drawing is 6 inches, what is the actual length.

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Step-by-step explanation:

proportion:

2/5:6/X

2x=30

x=15

The price p of a pizza is $6.95 plus $0.95 per topping t on the pizza, write a function rule

Answers

Answer:

y= 6.95+0.95t

Step-by-step explanation:

Given data

The price p of a pizza is $6.95

plus $0.95 per topping

let the number of toppings be  t

and let the total cost be y

Hence for any number of topping t the cost function is

[tex]y= 6.95+0.95t[/tex]

The function rule for the prize of a pizza is

[tex]P=0.95t +6.95[/tex]

Given :

The price p of a pizza is $6.95 plus $0.95 per topping t on the pizza

Initial price of the pizza is 6.95

The cost of each topping is 0.95 .

Let 't' be the number of toppings on the pizza

Price of  a pizza = initial cost of pizza + cost per pizza ( number of toppings)

[tex]p=6.95 +0.95(t)\\P=0.95t +6.95[/tex]

The function rule for the prize of a pizza is

[tex]P=0.95t +6.95[/tex]

Learn more  : brainly.com/question/5747203

Solve by factoring.
s2 + 8s + 15 = 0

Answers

(s + 5) (s + 3)
s = -5, -3

The CEO of a cell-phone company has recently noticed a 26% sales decrease in the month of July compared to June. Let n represent June’s sales. If y represents July’s sales, which equation can be used to determine the sales in July?

Answers

Answer:

y = n - 0.26n

y = 0.74n

Step-by-step explanation:

The equation that can be used to express the function above is given an Exponential Decrease function

Where:

y = a(1 - r)^t

Where

y = July sales

a = n = June sales

r = rate of decrease = 26% = 0.26

t = time in months = June to July = 1 month

t = 1

Hence, our equation =

y = n( 1 - 0.26)¹

y = n(1 - 0.26)

y = n - 0.26n

y = 0.74n

The equation that can be used to determine the sales in July is given as:

y = n - 0.26n

y = 0.74n

Element X is a radioactive isotope such that every 13 years, its mass decreases by half. Given that the initial mass of a sample of Element X is 60 grams, how much of the element would remain after 30 years, to the nearest whole number?

Answers

Answer:

2,325 grams !

Step-by-step explanation:

3x - 8 = 4(x+5) plz plz plz solve it

Answers

Answer:

=−28

Step-by-step explanation:

At Silver Gym, membership is $20 per month, and personal training sessions are $35 each. At Fit Factor, membership is $40 per month, and personal training sessions are $25 each. In one month, how many personal training sessions would Sarah have to buy to make the total cost at the two gyms equal?


NEED IT DONE ASAP BY 6:00

Answers

Answer:

20+35x=40+25x, 35x- 25x=40-20, 10x=20, x=2 , 2 sessions

Find the value of x and the value of y.
A. x = 130, y = 50
B. x = 135, y = 45
C. x = 140, y = 40
D. x = 145, y = 35

Answers

Answer:

        B.  x = 135, y = 45

Step-by-step explanation:

x° + y° = 180°        {suplementary angles}

x° = 3y°               {corresponding angles by parallel lines}

So:

3y° + y° = 180°

4y° = 180°

y° = 45°

y = 45

x° = 3×45° = 135°

x = 135

Please help me. You will be marked brainliest.

Answers

Answer:

What do you need help with?

Step-by-step explanation:

Write down the gradient of the line
(1 Point)
y=1/2x​

Answers

Answer:

[tex]\frac{1}{2}[/tex]

Step-by-step explanation:

The equation of a line in point- slope form is

y = mx + c ( m is the slope ( gradient ), c is the y- intercept )

y = [tex]\frac{1}{2}[/tex] x ← is in point- slope firm

with gradient = [tex]\frac{1}{2}[/tex]

A combo meal and a salad cost $12
and 2 combo meals and a salad cost
$20.
How much is a combo meal?
How much is a salad?

Answers

Answer:

The cost of a combo meal is $8 and a salad is $4.

Step-by-step explanation:

You have to form simultaneous equations with the given informations. Let combo meal be m and salad is s :

[tex]m + s = 12 - - - (1)[/tex]

[tex]2m + s = 20 - - - (2)[/tex]

Next, you have to solve these equations :

[tex](2) - (1)[/tex]

[tex]2m + s - m - s = 20 - 12[/tex]

[tex]m = 8[/tex]

[tex]sub \: \: m = 8 \: \: into \: \: (1)[/tex]

[tex](1)⇒[/tex]

[tex]8 + s = 12[/tex]

[tex]s = 4[/tex]

Answer: 8$,4$

Step-by-step explanation:

A family's home is currently worth $1,553,426, which is 70% higher than the home was
worth when they bought it. What was the value of the home when they bought it?

Answers

Answer:

The value of home when bought was $913,780.

Step-by-step explanation:

Given that:

Current worth of the house = $1,553,426

This is 70% more than the original worth of the house.

Let,

100 be the original percent and x be the original worth

Percent increase = (100+70)% = 170%

170% of x = $1,553,426

[tex]\frac{170}{100}x=1553426[/tex]

1.7x = 1553426

Dividing both sides by 1.7

[tex]\frac{1.7x}{1.7}=\frac{1553426}{1.7}\\x= 913780[/tex]

Hence,

The value of home when bought was $913,780.

If I was given the explicit formula how to I find the recursive formula?

Answers

9514 1404 393

Answer:

  solve for f(n) in terms of f(n-1)

Step-by-step explanation:

In general, you solve for f(n) in terms of f(n-k) for k = 1, 2, 3, ....

__

Usually, such questions arise in the context of arithmetic or geometric sequences.

Arithmetic sequence

The explicit formula for an arithmetic sequence has the general form ...

  a(n) = a(1) +d(n -1) . . . . . . . first term a(1); common difference d

The recursive formula for the same arithmetic sequence will look like ...

  a(1) = a(1) . . . . . . . the first term is the first term

  a(n) = a(n-1) +d . . . the successive terms are found by adding the common difference to the term before

__

Note: The explicit formula may be given as the linear equation a(n) = dn +b. Then the first term is a(1) = d+b.

__

Geometric sequence

The explicit formula of a geometric sequence has the general form ...

  a(n) = a(1)·r^(n -1) . . . . . . first term a(1); common ratio r

The recursive formula for the same geometric sequence will be ...

  a(1) = a(1) . . . . . . the first term is the first term

  a(n) = a(n-1)·r . . . the successive terms are found by multiplying the term before by the common ratio

__

Note: The explicit formula may be given as the exponential equation a(n) = k·r^n. Then the first term is a(1) = kr.

__

Other sequences

Suppose you're given the quadratic sequence ...

  a(n) = pn^2 +qn +r

Since the sequence is known to be quadratic (polynomial degree 2), we expect that we will only need the two previous terms a(n-1) and a(n-2). Effectively, we want to solve ...

  a(n) = c·a(n-1) +d·a(n-2) +e

for the values c, d, and e. Doing that, we find ...

  (c, d, e) = (2, -1, 2p)

So, the recursive relation is ...

  a(1) = p +q +r

  a(2) = 4p +2q +r

  a(n) = 2a(n-1) -a(n-2) +2p

__

Additional comment

The basic idea is to write the expression for a(n) in terms of terms a(n-1), a(n-2) and so on. That will be easier for polynomial sequences than for sequences of arbitrary form.

There are some known translations between explicit and recursive formulas for different kinds of sequences, as we have shown above. If you recognize the sequence you have as being of a form with a known translation, then you would make use of that known translation. (For example, Fibonacci-like sequences are originally defined as recursive, but have explicit formulas of a somewhat complicated nature. If you recognize the form, translation from the explicit formula may be easy. If you must derive the recursive relation from the explicit formula, you may be in for a lot of work.)

which shape has diagonals that bisect each other but not at 90 degrees?

Answers

It’s 35 right angle

What is the maximum of the sinusoidal function?

Answers

Answer: 2

Step-by-step explanation:

Which polynomial correctly combines the like terms and puts the given polynomial in standard form?

one-thirdx + 8x4 – two-thirdsx2 – x

Answers

Answer:

c: 8x↑4-2/3x↑2-2/3x

Step-by-step explanation:

eight x to the fourth power minus two-thirds x to the second power minus two-thirds x

its c on the edge

Answer:

c

Step-by-step explanation:

If the area of a rectangle is x2 – 13x + 40, what are the lengths of
the two sides?

Answers

Answer:

5 and 8

Step-by-step explanation:

quadratic formula.

-(b)+sqrt(b)^2-4(a)(c)

^ans

divide the whole thing by 2(a).

If the formula isn't clear, search quadratic formula up.

Air Jordans cost the Nike Corporation $25 to manufacture in a factory.

A. The cost of the shoes is marked up 760% to obtain the retail price. What is the retail price?

B. You have a coupon for 20% off the retail price of a pair of Air Jordans. If there is a 6% sales tax, what is the final price to buy these shoes?

C. The retail price used to be $125 many years ago. What is the percent of increase from the former retail price to its current retail price (from your answer to part A)?

Answers

Answer:

n4ur84234r

Step-by-step explanation:

3874rfbh dc

0.2(3b - 15c)
plz help me

Answers

Answer:

if you meant to simplify here you go

Step-by-step explanation:

0.2(3b - 15c)=

0.2(3b)+0.2(−15c)=

0.6b−3c

Answer:

0.6b-3c

Explination:

0.2(3b - 15c)

we can use dispributive property because of the parentheses

by distributing 0.2 to 3b and -15c

we get 0.6b and -3c

you could be thinking why did the numbers shrink?

the numbers decrease because every time you multiply by a decimal the number decreases

High Hopes  

                          Barry-

Find the angle of w please

Answers

it’s 136 because...

68+68= 136

need help quickly! please

Answers

Answer:

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Step-by-step explanation:

8m + 34 = 10 - 16m
How do I do?

Answers

Answer:

m=-1

Step-by-step explanation:

8m + 34 = 10 - 16m

fist add 16m to each side

8m+16m+34=10

then subtract 34 from each side

8m+16m=10-34

add like terms

24m=-24

divide both sides by 24

m=-1

8m + 34 = 10 - 16m
34= 10-8m
24= -8m
3= m

Solve the following system of equations using substitution.
3m + 4n = - 12
n = - m - 2
A.m = -4, n = 2 O B.m = 4, n= -6
C. m = -8, n = 6 O D.m = 3, n = 1

Answers

It is A maybe use your calculator

can someone help me with this

Answers

Answer:

A.) 3/4

Step-by-step explanation:

You can find this by dividing the distance from point Z to point Y by the distance of point X to point Y. The distance from Z to Y is 6 and the distance from X to Y is 8, so that means that the slope is 6/8, which simplifies to 3/4.

Question 4 of 10 The slope of the line below is - 2. Use the coordinates of the labeled point to find a point-slope equation of the line. (4,-6)​

Answers

Answer:

y = -2x + 2

Step-by-step explanation:

Liza wants to have more than $750 in her
savings account before she will leave for college.
Right now she has $300, and she is going to
baby sit to earn $ 12.00 an hour. How many hours
will Liza need to babysit before she leaves for
college? What’s the inequality

Answers

Answer:

x is equal to or greater than 38.

Step-by-step explanation:

use the equation 300+12x to find the amount of money in total dependent on x, the number of hours she worked.

Step-by-step explanation:

750-300= $450 left that needs to be save to meet her goal.

set an equation to equal 450 that includes the next part of the information given which is $12 and hour

450=12x

isolate x by dividing 12 to both sides

x= 37.5 hrs

the inequality could be :

750<_ 300+ 12x

(91+5) +(31-6)=?
Thanks

Answers

Answer:

121

Step-by-step explanation:

96+25=121

Answer:

121

Step-by-step explanation:

(91+5) + (31-6) = ?

The first step is to solve what's in the parenthesis.

91 + 5 = 96

31 - 6 = 25

(96) + (25) =

96 + 25 = 121

(91+5) + (31-6) = 121

Therefore, the correct answer is 121.

Hope this helps :)

Bill is h cm tall. Sienna is 4 cm taller than Bill. What is the expression in terms of h for sienna height in centimeters.

Answers

The expression in terms of h for siennas height would be h+4 because sienna is 4 cms taller than bill and bills height is equal to h
It’s 4 the question said it
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