Question

Q2) David’s utility function for good X and Y is given by (𝑥, 𝑦) = 𝑥2𝑦3. Where , 𝑃𝑦 and I 

are the price of good X, price of good Y and consumer income respectively. 

a. Write the budget Constraint of the consumer.

b. Drive the demand functions for good X and Y

c. What combination of X and Y maximizes the consumer’s at I=100, 𝑃𝑥 = 4, 𝑎𝑛𝑑 𝑃𝑦 = 5

Answer 1

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