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Finding optimal utility level
Evaluate utility over video games and burritos.Utility function (u)=v^.5b^.5Income of $20,000 price of video games=$50, price of burritos=$2
Budget constraint is m=b(Pb)+v(Pv)m=income, Pb=price of burritos, Pv=price of video games
A. Find optimal consumption level of video games and burritos that maximizes total utility.B.What is utility level?C What is optimal consumption basket?
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