Casy only euts 2 foods,and oats) and hn hayL Preterences represented ylulq,92)-9.92Corn porrudge Ccorn9.=corn norclge consumption92:hay cinsumption%3DIndifferencc cures are:SMOOTHSTRICTLY CONUEX,and DOWNWARD SLOPINGmarsincul utilities for uCa,92)=9,92606%3DLMU, 92, muzVज, %3D १z=Q,%3D(gencralised cou-douglu, same as a)°Caz)°Garb alutegsmaximimisca his utilitasulijeca tohis UucdgcE constraintద%3DIncomc (I) = $120 Dcalculaic Can's gntmcal undle rfCorvl norridy pricenel undle ifpohay nriceThis is wundlu A, show on aiagram%3D(Corn porricgee X- Aaus)porridye prewhas pruceThisCorn34%3D2.is LurdIc B, Sh w onShowclhagram.what incomo docs gars necd to get SameBundle A,Lut at unlleButility asnrice(Bundik D)calc this Cuncile

The consumption bundle is optimal when the following condition holds,MU1 / MU2 = P1 / P2Where, MU1 =…

Cailculac Carg's gntmal undleit Corl norrly price Bice, po hay nrice This is wunclle A shaw on cliagram (Corn porrictge X-Aaus) Corn porridje pNew has pruce This io Lurlic B, show on clagram. %3D P2 ニ what incomc docs cars need to set same Bundle A,ut at unlle B utility as ( Bundk D) Caic this Cuncilk

Cailculac Carg's gntmal undleit Corl norrly price Bice, po hay nrice This is wunclle A shaw on cliagram (Corn porrictge X-Aaus) Corn porridje pNew has pruce This io Lurlic B, show on clagram. %3D P2 ニ what incomc docs cars need to set same Bundle A,ut at unlle B utility as ( Bundk D) Caic this Cuncilk

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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