3. [Sometimes, it's useful to think about what fraction of a consumer's moneythey spend on each good, rather on how many units they buy.(a) Show that every x EX(p,m) can be written as x = f1(m/p₁,0) + f2(0, m/p2 ) +(1-f1-f2)(0,0) for some numbers f1,f2 20 with f1 + f2 ≤1.(b) Let f1 and f2 be as in part (a). Give an expression, in terms of f1 and f2,for the fraction pix₁/m of the consumer's money that they spend on good 1.(c) Let f1 and f2 be as in part (a). Give an expression, in terms of f1 and f2,for the fraction p2x2/m of the consumer's money that they spend on good 2

3. [Sometimes, it's useful to think about what fraction of a consumer's money they spend on each good, rather on how many units they buy. (a) Show that every x EX(p.m) can be written as x = f1( m/p²,0) + f2(0, m/p2 ) + (1-f1-f2)(0,0) for some numbers f1,f2 20 with f1 + f2 ≤1.

3. [Sometimes, it's useful to think about what fraction of a consumer's money they spend on each good, rather on how many units they buy. (a) Show that every x EX(p.m) can be written as x = f1( m/p²,0) + f2(0, m/p2 ) + (1-f1-f2)(0,0) for some numbers f1,f2 20 with f1 + f2 ≤1.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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