Q4 Michael spends all of his money on yams and pudding. His utility function is y-5 2p-5, MU, Op O p* = 2P, 21 U = p5y5 (MU, Op' = Op = P, O None of the above = Using the typical budget constraint (I = Pyy +Ppp) which of the following is his demand function for pudding? Reminder: 5 = √x p.5 2y-5)

Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter4: Utility Maximization And Choice
Section: Chapter Questions
Problem 4.8P
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Q4
Michael spends all of his money on yams and pudding. His utility function is
y.5
2p.5,
p.5
24.5)
Op =
=
O p
Op =
= =
Using the typical budget constraint (I = Pyy + Ppp) which of the following is his demand
function for pudding? Reminder: 5 = √√√x
2P₂
U=p5y5 (MUp =
Pp
O None of the above
MU,
=
Transcribed Image Text:Q4 Michael spends all of his money on yams and pudding. His utility function is y.5 2p.5, p.5 24.5) Op = = O p Op = = = Using the typical budget constraint (I = Pyy + Ppp) which of the following is his demand function for pudding? Reminder: 5 = √√√x 2P₂ U=p5y5 (MUp = Pp O None of the above MU, =
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