#3 Suppose Shia has the utility function U(x₁, x₂) = 6x₂ + (½¼/₂)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 "(#,#)"]

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Question 3
#3 Suppose Shia has the utility function U(x₁, x₂) = 6x₁₂ + (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 =10and
P₂ =25, and had to pick among the five bundles in part (a). Which bundle would they
pick? [PLEASE ENTER YOUR ANSWER AS “(#,#)”]
Transcribed Image Text:Question 3 #3 Suppose Shia has the utility function U(x₁, x₂) = 6x₁₂ + (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 =10and P₂ =25, and had to pick among the five bundles in part (a). Which bundle would they pick? [PLEASE ENTER YOUR ANSWER AS “(#,#)”]
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