Given a utility function: U(q1, q2) = q1 + q 2^2 where q1 and q2 is...

Given a utility function: U(q1, q2) = q1 + q 2^2 where q1 and q2 is the consumption of good 1 and good 2 respectively. and the budget constraint: p1q1 + p2q2 = Y where p1 and p2 are prices of good 1 and good 2 respectively, Y is the consumer’s income a. Holding p2 and Y fixed, find the demand function for good 2. b. Holding p1 and p2 fixed, find the functional form of the Engel curve for good 2

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Rahul Sunny answered 1 year ago

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