The optimal amount of x1, x2, p1, p2

Reference no: EM13787403

The optimal amount of x1, x2, P1, P2 and income are given by the following: x subscript 1 equal fraction numerator 3 I over denominator 5 P subscript 1 end fraction space space space space space space space space space space x subscript 2 equal fraction numerator 2 I over denominator 5 P subscript 2 end fraction The original prices are: P1=11 P2=22 The original income is: I =3,562 The new price of P1 is the following: P1'=44 Assume that the price of x1 has changed from P1 to P1'. What is the optimal quantity of x1 at the new income I' and the P1' ? (hint: this question is asking you obtain x1*C in the notes)

Reference no: EM13787403

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