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Table below shows Kayla's MU schedule for two products, ice cream and cake. These are the only products available, and the price for ice cream and cake are $2.00 each. Kayla's income is $20.00. All income is spent on these products.
Q 1 2 3 4 5 6 7 8 9 10MU ic 45 40 36 31 27 22 17 14 12 9MU c 37 33 28 22 20 18 16 13 11 8
a. Indicate how Kayla should spend her income in order to maximise her total utility.
b. Write in mathematical form the equilibrium condition
b. State Kayla's equilibrium condition, using the MU numbers in the table.
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