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Mark consumes cookies (C ) and pizza (P). His utility function is U(C, P) = C^(1/3) * P^(2/3) where C is the number of cookies and P is the number of pizzas . Mark has $120 to spend , and she plans to spend it all on cookies and pizzas . The price of one cookie is $ 2 and the price of one pizza is $8. (a) (4 marks ) Find Mark optimal bundle and the corresponding utility at this bundle at these prices . Label this bundle point A on a graph where cookies are on the x-axis and pizzas are on the y-axis
question - Find the substitution effect, income effect, and the total effect for both goods following the decrease in the price of pizzas from $8 to $6. Label the intermediate bundle used to find the substitution and income effects point A' on your graph from part (a).
Discuss the relationship between these problems. What characteristics of the utility function are generating this result?
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