Question: Let the utility function b e given b y u ( x 1 , x 2 ) = x 1 2 + x 2 2
Let the utility function given Let the income the consumer, and the prices good and good respectively. Write down the budget constraint and illustrate the set feasible bundles using a figure.
that and Find the optimal bundle for the consumer. other words, find the combination and that maximizes the consumer utility when the prices are and and her income
Determine the Marshallian demand function.
Determine the expenditure function.
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