For the utility function U(x, z) = x+z, derive expressions for the optimal levels of good...

   

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For the utility function U(x, z) = x²+zº, derive expressions for the optimal levels of good x and good z as functions of the price of good x, px, the price of good z, pz, and income, Y. For simplicity, assume that the price of good z is normalized to be one: 1 In your answer, use 1 for "pz" and the relationship σ = 1-p The optimal value of good z is Z= Pz = 1. ☐. (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a subscript can be created with the character.) For the utility function U(x, z) = x²+zº, derive expressions for the optimal levels of good x and good z as functions of the price of good x, px, the price of good z, pz, and income, Y. For simplicity, assume that the price of good z is normalized to be one: 1 In your answer, use 1 for "pz" and the relationship σ = 1-p The optimal value of good z is Z= Pz = 1. ☐. (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a subscript can be created with the character.)