Determine what is optimal bundle

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Reference no: EM13189908

wedding plan with cake (c) and champagne (h) - price per glass and slice
u(h,c) = h^(1/3)c

a) solve foc's to derive the demand functions h(P(subscript h), P(subscript c), M) and c(P(subscript h), P(subscript c), M)

b) suppose the budget constraint is 4c + 2h = 1200 what is optimal bundle

Reference no: EM13189908

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Determine what is optimal bundle : wedding plan with cake (c) and champagne (h) - price per glass and slice u(h,c) = h^(1/3)c a) solve foc's to derive the demand functions h(P(subscript h), P(subscript c), M) and c(P(subscript h), P(subscript c), M)

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