What is the equation of johns income-consumption curve

Reference no: EM13246339

Given the utility function U(X,Y)=X^0.5+Y^0.5for John.

a) Do the preferences indicated diminishing marginal utility for Xand Y?
b) If john has income of 30 dollars. What is his demandcurve/equation for X when the price of Y is 2 dollars.
c) If the price of x is 1 dollar and price of y is 2 dollars, what is the equation of John's income-consumption curve?
d) How will John's choice of x and y change if the price of x risesto $4 but his income remains at $30?

Reference no: EM13246339

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