Show that at the solution you found in (c), the tangency condition is satisfied: M RS = p1/p2. (d) (e) How did the '50' in the utility function influence the optimal con- sumption bundle? How did the '10' in the utility function influence the optimal consumption bundle? (i.e., how would the optimal bun- dle change if these coefficients were to change?). How would the optimal bundle change if the utility function was xx2? Lastly, how would the optimal bundle change if the utility function was log- linear: 2 ln x1+ In x2?

Show that at the solution you found in (c), the tangency condition is satisfied: M RS = p1/p2. (d) (e) How did the '50' in the utility function influence the optimal con- sumption bundle? How did the '10' in the utility function influence the optimal consumption bundle? (i.e., how would the optimal bun- dle change if these coefficients were to change?). How would the optimal bundle change if the utility function was xx2? Lastly, how would the optimal bundle change if the utility function was log- linear: 2 ln x1+ In x2?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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