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雷达卡
A consumer has income
Y; and faces prices (for goods 1 and 2) p1 and p2.Assuming the consumer maximizes utility, derive the demand function for
good 1
; q1(p1; p2; Y ) when the utility function of the consumer is:U
(q1; q2) = min(q1, 0.5q2)
Boris has an income of $100 per month. Initially the price of food is
$1 per bag, the price of prune juice is $2 per bottle, and Boris buys no
prune juice. Then the California prune growers launch a slick advertising
campaign convincing Boris that prune juice is very hip, so he starts buying
10 bottles per month. Boris's income, the price of food, and the price of
prune juice have all remained the same. Show graphically why and how
Boris has changed his consumption bundle.
please help out of these questions ,thanks!
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