Joane is upset that she will not be able to train strength when the gyms are closed. She

therefore plans to go to the purchase of exercise equipment and has the sum set aside for it. For

Joane is the choice between a certain number of training manuals () with the price and

kettlebells () with the price 2.

(a) Now assume that the utility function of Joane is: (, ) = ^ ^ /

Calculate marginal substitution fraction (MRS).

Calculate the demand functions for training manuals and kettlebells.

(b) Assume that Joane has set aside = 3000 kroner for the purchase of fitness equipment and the price per

kettlebell is p2 = 150 kroner. How many kettlebells is it optimal to buy?

(c) Calculate the income elasticity of kettlebells. Are kettlebells a normal or inferior

good?