(3) (60 points) Assume an agent's income is 100 and p = 2 and p =...
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(3) (60 points) Assume an agent's income is 100 and p = 2 and p = 5. What is the optimal consumption of apples and bananas for each utility function? 3/4 1/4 (a) u(a,b) = xa b (b) u(x, x) = ln(x) + (x) (c) u(a, b) 2x + xb = (d) u(x, x) = x + 3xb (e) u(x, x) = min{2xa, xb} (f) u(a,b) = min{xa, 3xb} (3) (60 points) Assume an agent's income is 100 and p = 2 and p = 5. What is the optimal consumption of apples and bananas for each utility function? 3/4 1/4 (a) u(a,b) = xa b (b) u(x, x) = ln(x) + (x) (c) u(a, b) 2x + xb = (d) u(x, x) = x + 3xb (e) u(x, x) = min{2xa, xb} (f) u(a,b) = min{xa, 3xb}
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