Determine wilburs demand function for good

Reference no: EM13183839

Assume Wilbur's utility function is U=(x1)*(x2)*(x3). Further assume that the law dictates that Wilbur consume two units of X1 for every unit of X2. Determine Wilbur's demand function for good 1. Explain, in words, all the steps in your derivation of his demand function for good 1. Now derive Wilbur's demand functions for goods 2 and 3. How many units of the three goods will he choose to purchase if his income is $72.00, p1 = $1.00, p2 = $0.50 and p3 = $7.00.

Can anyone help me start this? would I have to change the utility function considering the second assumption before i derive demand functions?

Reference no: EM13183839

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Determine wilburs demand function for good : Assume Wilbur's utility function is U=(x1)*(x2)*(x3). Further assume that the law dictates that Wilbur consume two units of X1 for every unit of X2. Determine Wilbur's demand function for good 1. Explain, in words, all the steps in your deriv..

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