What is fundamentally different about the optimal choice

Reference no: EM13233078

If U(x,y)=2x^1/2 +y and Px=2, Py=6 and M=100, what is the optimal choice? If the price of good x fell to $1, what is the new optimal choice? Explain what happens to the optimal choice as income increases. What is fundamentally different about the optimal choice when income is below $18(and Px=2) then when income is greater than $18?

Reference no: EM13233078

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