Question: Juma's utility function is represented by the equation U(X1X2)=X1 0.6X2 0.4. The budget equation is P, X1 + P, X=Y Pi Is the price

Juma's utility function is represented by the equation U(X1X2)=X1 0.6X2 0.4. The

Juma's utility function is represented by the equation U(X1X2)=X1 0.6X2 0.4. The budget equation is P, X1 + P, X=Y Pi Is the price of good X1 P, is the price of good X, and Y represents the income a) Work out the demand functions for this consumer. (9 marks) b) Derive marginal utility for each commodity. (3 marks) c) What is the ratio of the prices of these goods? (3 marks)

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