Pierre considers soda (X) and composite good (Y) to be perfe…

Pierre considers soda (X) and composite good (Y) to be perfect substitutes. His income is m = $200.  Suppose his utility function is 1. If soda cost $2, how much soda does he consume? [Answer1a1] How much money does he leave for everything else? [Answer1a2] 2. If soda cost $1, how much soda does he consume? [Answer1b1] How much money does he leave for everything else? [Answer1b2] 3. if soda cost $0.5, how much soda does he consume? [Answer1c1] How much money does he leave for everything else? [Answer1c2] Instructions: if any bundle on the budget line may be chosen, please type in exactly the following – Chosen bundle can be any point on the budget line

  The production of a handmade clay pot needs two inputs, la…

  The production of a handmade clay pot needs two inputs, labor and clay, to produce its output: a pot. Producing a pot always requires the same amount of clay and the same amount of time. Which of the following production functions could appropriately describe the production process, where C represents pounds of clay and L represents hours of labor?