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Determine the optimal quantities of product x and product y

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Question: Juan has a utility of the form Cobb Douglas ??(??, ??) = ??1/2??1/2 . If your income per month are $600 and the prices of the products he consumes are ???? = 10 and ???? = 15.

a) Determine the optimal quantities of product x and product y. Perform a graphical analysis of the solution.

b) What happens with the solution to the exercise if ???? = 10. Perform a graphical analysis of the situation.

c) What happens with the solution to the exercise if ???? = 20. Perform a graphical analysis of the situation.

 

Reference no: EM133599776

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