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Max has preferences represented by utility function U (x1; x2) = min x1;1/2x2: His income is m = 900 dollars. The price of good 1 is p1 = 2 and the price of good 2 is p2 = 1.
(a) Find a bundle (x1; x2) that belongs to the same indifference curve of bundle (x1 = 2; x2 = 3):
(b) Suppose the government imposes an income tax of $100. Find the optimal levels of consumption for Max (x1* and x2*).
(c) Suppose the government does not allow Max to consume more than 100 units of good 1. Find the highest utility level that Max can achieve.
Please note that Use of APA Citation Methodology is required for all parts of the assignment
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