Ellie Elliot asked 9/13/2016 Suppose that a consumers utility function is given by u(f,c)=f^1/2(c^1/2) The individual has income I=16 The price of food is given by pf=8 The price of clothing is given by pc=2 Solve for the consumers utility maximizing bundle?
Ellie Elliot asked 9/13/2016 Suppose a consumer has income 500. The price of food is 10 and the price of clothing is 20. Plot the budget line with food on the horizontal axis?
