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Suppose simon utility function for two goods

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Suppose Simon's utility function for two goods, bags of pretzels, P, and 6 packs of beer, B, is given as follows: U = Min {3B, P}. Simon has $100 per month to spend on beer and pretzels, and pretzels cost $1 per bag while a six pack of beer costs $7. Find Simon's optimal consumption bundle. {Again, you must clearly write the equations that you use to obtain your answers.} Show your answer graphically as well.

Reference no: EM131709416

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