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Suppose that item 1 is pumpkin and item 2 is milk. Suppose that m = 54. Suppose that pumpkins are p 1 = 2 each. Milk is p 2 = 7 per gallon for the ?rst two gallons. After the second gallon, it drops to 4 per gallon. Suppose that the consumer's utility function is u(x 1 , x 2 ) = x 1 +3x 2 . Sketch some indifference curves in your graph and the budget line - what can we say about the optimal bundle? Find the consumer's optimal consumption bundle (x ∗ , x ∗ ).
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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