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    Northwest Florida State College
    Jun-1992 - May-1997

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    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 30 Apr 2017 My Price 7.00

What is the optimal consumption bundle (a*,b*)? What can you say about this utility function?

Consider the following problem.
U(a,b) = a^2 + b. The price of good a is Pa=1 and the price of good b is Pb=1. The person has income of 100 to spend on a and b.
(Note: when fixing b here, this utility function exhibits increasing marginal utility on good a.)

Question: What is the optimal consumption bundle (a*,b*)? What can you say about this utility function?

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Status NEW Posted 30 Apr 2017 06:04 PM My Price 7.00

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