What can you tell me about elmer preferences

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Reference no: EM131385904

Elmer Fudd likes to hunt “wabbits” but also likes to hunt duck. His utility function can be expressed as U(W,D)= 1/(-(2W^2+D^2 )^2 ).

–Solve for the marginal utility of both “wabbits” and duck.

–Write the tangency condition, what can you tell me about Elmer’s preferences?

–Suppose that the price of hunting Duck is $5.00 and the price of hunting “wabbit” is $3.25. If Elmer has $150.00 to spend how much duck and “wabbit” should he hunt?

Reference no: EM131385904

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