Anthony spends his income on fishing lures (L) and guitar picks (G). Lures are priced at $2,
Question:
a. What is the optimal number of lures and guitar picks for Anthony to purchase? How much utility does this combination bring him?
b. If the price of guitar picks doubles to $2, how much income must Anthony have to maintain the same level of utility?
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Related Book For
Microeconomics
ISBN: 9781464146978
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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