Q1 individual has a utility function described by the

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Q1. Individual has a utility function described by the equation U=2xv. The price of x is $32 every item whereas the price of y is $20 per unit. Through a profits of $800 per month, how many units of goods x and y will the person consume in a month to maximize utility?

Q2. Business Week recently declared, "We have entered the Age of the Internet," and ob-served that when markets for goods as well as services gain access to the Internet, more consumers and more businesses participate in the market. Use demand as well as supply analysis to predict the effect of e-commerce on equilibrium output and equilibrium price of products gaining a presence on the Internet.

Reference no: EM13354577

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