#3 Suppose Shia has the utility function U(x₁, x₂ ) = 6x₂ + (1/2)x₂. a) Which of the following bundles, (x₁,x₂), do they rank the lowest?: (4,4), (4,2), (2,4), (8,4) (5,4) [PLEASE ENTER YOUR ANSWER AS “(#,#)”] b) Suppose Shia had income of $150, faced prices of (x₁,x₂) which equaled p₁ =10 and P₂ =25, and had to pick among the five bundles in part (a). Which bundle would they pick? [PLEASE ENTER YOUR ANSWER AS "“(#,#)”]

#3 Suppose Shia has the utility function U(x₁, x₂ ) = 6x₂ + (1/2)x₂. a) Which of the following bundles, (x₁,x₂), do they rank the lowest?: (4,4), (4,2), (2,4), (8,4) (5,4) [PLEASE ENTER YOUR ANSWER AS “(#,#)”] b) Suppose Shia had income of $150, faced prices of (x₁,x₂) which equaled p₁ =10 and P₂ =25, and had to pick among the five bundles in part (a). Which bundle would they pick? [PLEASE ENTER YOUR ANSWER AS "“(#,#)”]

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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