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Joe has preferences over pizza (p) and beer (b) given by U = pb. The marginal utilities are MUp = b and MUb = p, and Joe's income is I = 60.
1. Find Joe's optimal consumption bundle when pp = 3 and pb = 3.
2. Find the income and substitution effects (on both goods) of an increase in the price of pizza to pp = 6.
3. Find the compensating variation of the price increase.
Explain how changes in the quality of health care will influence the demand for care.
Question 3 (44 marks) Please note that this question requires substantial research. A summary from the text book is not sufficient. To score well you will have to consult several a
What can be the topic to make assignment on indian macro economics
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