If the price of a soda is $2, the price of a hamburger is $6, and George has $20 of income, George's utility maximizing combination of sodas and hamburgers per day is:

2 hamburgers and 4 sodas

Explanation:

The utility's function was missing, so I looked for it:

Hamburgers per Day         Total Utility     Marginal Utility       MU per $

1                                                  30                       30                    5

2                                                  52                       22                    3.67

3                                                  67                        15                     2.5

4                                                   76                        9                      1.5

5                                                   80                       4                      0.67

Sodas per Day                    Total Utility     Marginal Utility       MU per $

1                                                    20                       20                      10

2                                                 35                        15                        7.5

3                                                  47                         12                       6

4                                                  57                         10                       5

5                                                 64                          7                        3.5      

If George wants to maximize his utility per dollar spent, he should buy 2 hamburgers and 4 sodas. This will yield him 52 utils (form hamburgers) and 57 utils (form sodas) = 109 utils per day                

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

forbearance of student loan payments. under forbearance, your loan payments are postponed (or reduced) but interest continues to accrue during the period of forbearance. if you don't pay the interest during that period, the interest may be “capitalized,” which means it is added to your principal balance.