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{"ops":[{"insert":"Your utility function for apples and bananas is\u00a0U(A,B) =\u00a0A4\u00a0B4\u00a0, where\u00a0pA\u00a0=\u00a0pB\u00a0= 1 (in\u00a0\u00a3\nper unit) initially.\n(a)\u00a0If your exogenous income is\u00a0m\u00a0= 100 (in\u00a0\u00a3), then find the optimal consumption of apples and bananas,\u00a0A\u2217\u00a0and\u00a0B\u2217, respectively, as well as the maximised level of utility,U(A\u2217,B\u2217)."},{"attributes":{"list":"ordered"},"insert":"\n"},{"insert":"(b)\u00a0If now\u00a0p\u2032A\u00a0= 2, then find the new optimal consumption bundle, (A\u2217\u2217, B\u2217\u2217), along with the maximised utility level,\u00a0U(A\u2217\u2217,B\u2217\u2217)."},{"attributes":{"list":"ordered"},"insert":"\n"},{"insert":"(c)\u00a0How much should income be increased by in part (b) so that the maximised utility level of part (a) is just attainable?"},{"attributes":{"list":"ordered"},"insert":"\n"},{"insert":"\n"}]}
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