Question: Give typed solution Bobby who has preferences over candy (C) and dessert (D): U (C, D) = 3C + 4D The price of candy is

Give typed solution

Bobby who has preferences over candy (C) and dessert (D):

U (C, D) = 3C + 4D

The price of candy is $4 and the price of dessert is $1. Bobby has $12 to spend on this choice occasion.

(a) How many candies will Bobby buy? How many desserts will Bobby buy? Label them Cand D

(b) Show this solution graphically (label Cand D, the IC at the optimum, and the budget line).

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