1. In his song, “Buy me a Boat,” Chris Janson sings, ‘Money can’tbuy happiness, but it can buy me boat. It can buy me a truck topull it.’ Relate this statement to the consumer’s maximizationproblem. In relating the song to the consumer problem, create ahypothetical budget constraint and utility function for Chris.Explain/justify your modeling choices. Define the optimal outcome,both mathematically and on a graph (note: in order to do this, youwill need to have defined values for certain components of thebudget constraint and utility function). Show and discuss what willhappen to the optimal outcome if a component of the maximizationproblem changes (for example, income).

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Chris Jansons statement in the song Buy Me a Boat can be related to the consumers maximization probl... View the full answer