Describe maximization of income

Reference no: EM13181428

If the price of blue toy cars is $5 and the price of pink toy cars is $2, then which of the following consumers will make the same choices if their income is the same (assuming maximization of income)

Gloria, utility is U(b,p) = b^2 * p

Allison, utility is U(b,p) = b^(2/3) * p^(1/3)

Sam, utility is U(b,p) = (b-2) * (P-1)

Reference no: EM13181428

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