Suppose Maryís utility function is given as U(X; Y ) = 2X + Y . Mary has and income of 60 dollars. If the price of X is Px = 1 and the price of Y is PY = 3, how many units of X and Y should Mary consume in order to maximize her utility. Show your result on a graph (Plot the indi§erence curve and the budget constraint and show the utility maximizing point).

Q: Q8. Consider a utility function: U (F,C) = FC so MU_F = C and MU_C = F. Suppose as Case 1, Total…

A:

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Q: Consider a utility function: U (F,C) = FC so MU_F = C and MU_C = F Suppose as Case 1, Total income…

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Q: Consider a utility function: U (F,C) = FC so MU_F = C and MU_C = F Suppose as Case 1, Total income…

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Q: Consider a utility function: U (F,C) = FC so MU_F = C and MU_C = F Suppose as Case 1, Total income…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

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Q: Consider a utility function: U (F,C) = FC so MU_F = C and MU_C = F Suppose as Case 1, Total income…

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