The work has not been graded but I like the output that was submitted to me. Is it possible for the same prof to do the next assignment I will be submitting? If possible, I will greatly appreciate it.
Ethel is trying to decide whether to have 0 cars, 1 car, or 2 cars. If x is the number of cars she
has and y is the amount of money she has per year to spend on other stuff, Ethel’s utility function
is U(x; y) where U(0; y) = (y)^1/2; U(1; y) = (15/14)y^1/2; and U(2; y) = (10/9)y^1/2. Suppose that it costs
$2000 a year to have 1 car and $4000 a year to have 2 cars. Ethel finds that the right thing to do de-
pends on her income. What is her willingness to pay for 1 car if her income is M? What is the lowest
income at which she would have a car? What is the lowest income at which she would have 2 cars?
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