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What combination of t and m will you choose

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Reference no: EM132323909

You have $3,000 to spend on entertainment this year. The price of a day trip (T) is $40 and the price of a movie (M) is $20. Suppose that your utility function is U(T,M)=T1/3 M2/3.

(a) What combination of T and M will you choose?

(b) Suppose that the price of day trips rises to $50. How will this change your decision?

Reference no: EM132323909

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