Sam's consumption patterns of wine (x) and flowers (y) can be described by the function U=x*y2. We know that he spends HUF 6000 on the two products. If he only buys wine, he can buy a maximum of 12 bottles and the price of flowers is HUF 250. Which type of preference system does Sam's preference belong to? What is the consumer's MRS function? What is the price of wine? How much wine is consumed at the optimum? # + ÷ 4 ♦

Sam's consumption patterns of wine (x) and flowers (y) can be described by the function U=x*y2. We know that he spends HUF 6000 on the two products. If he only buys wine, he can buy a maximum of 12 bottles and the price of flowers is HUF 250. Which type of preference system does Sam's preference belong to? What is the consumer's MRS function? What is the price of wine? How much wine is consumed at the optimum? # + ÷ 4 ♦

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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