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Toma has preferences for two goods: food (F) and clothing (C). Her utility function is: U(F, C ) = FC. Let food costs Tk.1 a unit and clothing costs Tk. 2 a unit. Toma has Tk.12 to spend on food and clothing.
Requirements:
(a) Calculate her marginal utilities for two goods.
(b) Using formula, find the optimal choice of food and clothing and show in a diagram.
(c) If Toma decides to buy 4 units of food and 4 units of clothing with her Tk.12 budget (instead of the optimal basket), would her marginal utility per Taka spent on food be greater than or less than her marginal utility per Tk. spent on clothing?
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