Question
In: Economics
You are asked to plan a budget of University of Connecticut for the next year. The...
You are asked to plan a budget of University of Connecticut for the next year. The two major expenses involve computers, x1 and classroom furniture, x2. The university utility function is given byU(x1, x2)=ln x1 + 2ln x2
a) Find optimal "consumption" of computers and furniture if P1=2 and P2=4 and the available funds are m= 60.
b) Is computer an ordinary or a Giffen good ? Determin whether computer is a gross complement,gross substitute or neither, for classroom furniture. (Explain these questions using partial derivatives)
c) Please draw the price offer curve for x2 given p1=4 and m = 60.
Solutions
Rahul Sunny answered 2 weeks agoRelated Solutions
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Enter answer in years, rounded to the nearest first decimal, as
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