Determine the optimal bundle of stated prices and income

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Reference no: EM13886553

For the following utility functions and prices

a. Determine the optimal bundle of x1 and x2 given the stated prices and income

b. Illustrate the optimal consumer choice decision in each of the two cases below

1. U(x1,x2) = lnx1^18 + x2 , Income = 100 , p1=3 , p2=1

2. U(x1,x2) = (x1^0.9)(x2^0.1) , Income = 100 , p1=3 , p2=10

Reference no: EM13886553

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