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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).
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