question archive Suppose a consumer's utility function is ???? = ????10

Suppose a consumer's utility function is ???? = ????10

Subject:EconomicsPrice: Bought3

Suppose a consumer's utility function is ???? = ????10.2????0.82 where x1 is the quantity of good 1 and x2 is the quantity of good 2. Both goods are perfectly divisible. Let the price of good 1 be $120 and the price of good 2 be $300. Suppose that the money allotted for buying these two goods is $3000. Question: what are the optimal quantities of good 1 and good 2 that the consumer should buy?

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