Utility functions and prices

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Reference no: EM13886532

For the following utility functions and prices

a. Determine the optimal bundle of x1 and x2 given the stated prices and income using one of the methods we went over in class.

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: EM13886532

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