U(C1, C2, C3, C4, C5) = C1∙C2∙C3∙C4∙C5
As a mathematical function, does U have a maximum or minimum
value? What values of Ci correspond to the minimum value of U? What
values of Ci correspond to the maximum value of U? Do these values
of Ci make sense from an economic standpoint?
Now let us connect the idea of economic utility to actual dollar
values. To keep the values more manageable, we will use household
income rather than the entire...