Question: Problem #4 (Consumer Equilibrium) 1.What constraints or limitations does the consumer face in seeking to maximize the total utility from expenditures? 2.Express mathematically the condition

Problem #4 (Consumer Equilibrium)

1.What constraints or limitations does the consumer face in seeking to maximize the total utility from expenditures?

2.Express mathematically the condition for consumer equilibrium.

3.Explain the meaning of your answer to part 2.

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