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EQ #4 – AGEC 105 (4 pts in total) Capps - Sept. 16, 2013 1. Suppose that Robbin budgets $12/week for Wings ‘n’ Sudes and suppose that the price of buffalo wings is $0. 50, while the price of Coca-Cola is $1. 50. Buffalo Wings 12 C 4 Coca-Cola (1/2 pt) (a) What is the maximum number of buffalo wings that Robbin may buy? (1/2 pt) (b) What is the maximum number of Coca-Cola drinks that Robbin may buy? (1/2 pt) (c) At point C, the consumer is said to be at __________. (1/2 pt) (d) At point C, the slope of the budget line and the MRS are not equal. TRUE or FALSE? (1/2 pt) (e) The optimal combination of goods for this consumer is 12 buffalo wings and 4 drinks of Coca-Cola. TRUE or FALSE?
2. Quantity of Subway sandwiches 15 10 20 Quantity of Chick-Fil-A (1/2 pt) (a) The reason that the budget line rotated counterclockwise is due to the fact that the prices of Subway sandwiches fell. TRUE or FALSE? (1/2 pt) (b) If the expenditure allotted to buy Subway and Chick-Fil-A sandwiches equals $60, what is the price of a Chick-Fil-A sandwich? 3. Assume that for a given consumer, the marginal utility of food is 160 and the price of food is $40. Also, assume that the marginal utility of environmental quality is 500 and the price of environmental quality of $100. This consumer should partake in more environmental quality. TRUE or FALSE?
Random Question All the top names in the food business use GMOs. Together eight companies make up more than 90% of food products from grocery retailers. Name two of these food companies.