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Chris consumes only 2 goods, Suppose his utility function is U(X1,X2)=X1 1/3,X2 2/3, Suppose P1 =$2,P2= $8 and income(I)=$600 I want to know how to do the problem, so I need to see all the steps it takes to arrive at the correct answers for a,b and c. Thanks
a) Identify marginal utilities of good 1 and good 2(MU1 and MU2)
b) Formulate optimization problem and solve for demand functions for X1 and X2,
c) Obtain the optimal amounts of good 1 and good 2
Suppose you are a manager of a factory and purchased five new machines at one million dollars each. You can sell two of the machines for $500,000 each and three of them at only $200,000 each. What is your sunk cost?
exercise 1the following production plans are feasiblethe negative numbers stand for inputs and the positive one for
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