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a.) Find the optim… Show more Utility: U(x,y) = (x^{2/5}y

a.) Find the optim… Show more Utility: U(x,y) = (x^{2/5}y^{3/5}) and the budget contstraint: 12x + 3y = 60 a.) Find the optimal consumption bundle. b.) Suppose Px = 6. Find the new optimal consumption bundle. c.) Suppose Px = 3. Find the new optimal consumption bundle. d.) Sketch the price offer curve and the demand curve for x. e.) Derive the demand function for x in terms of Px. Derive the inverse demand function. • Show less


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