Please answer at least 1 st 4 I have no more question sir please. I will rate Please help me find the utility maximizing basket(а-е)For each of the following situations, find the utility maximizing basket.(a) I= 30, px = 1, py = 4, u (x, y) = 6x 1/3y 2/3%3D(b) I = 14, px = 7, pyl= 1, u (x, y) = 2x +3y(c) I = 78, px = 3, py = 6, u (x, y) = 4x 1/2 + y(d) I = 12, px = 3, py = 6, u (x, y) = 2x 2 + 8y 2(e) I = 45, px = 3, py = 9, u (x, y) = 2xy- 18x%3D

A. The Utility function is and the budget line is Px.X+Py.Y=I or, x+4y=30 At the utility-maximizing…

Answered: For each of the following situations,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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For each of the following situations, find the utility maximizing basket. (a) I = 30, px = 1, py = 4, u (x, y) = 6x 1/3y 2/3 (b) I = 14, px = 7, pyl= 1, u (x, y) = 2x +3y (c) I = 78, px = 3, py = 6, u (x, y) = 4x 1/2 +y (d) I = 12, px = 3, py = 6, u (x, y) = 2x 2 + 8y 2 %3D