Q 1 Question 3#3 Suppose Shia has the utility function U(x₁, x₂) = 6x₁₂ + (1/₂)x₂.a) Which of the following bundles, (x₁,x₂), do they rank the lowest?: (4,4), (4,2), (2,4),(8,4) (5,4) [PLEASE ENTER YOUR ANSWER AS “(#,#)"]b) Suppose Shia had income of $150, faced prices of (x₁,x₂) which equaled_p₁ =10andP₂ =25, and had to pick among the five bundles in part (a). Which bundle would theypick? [PLEASE ENTER YOUR ANSWER AS “(#,#)”]

U=6X1 + 1/2 X2U(4,4)= 6*4 + 1/2 *4 = 24 +2 =26U(4,2)=6*4 + 1/2*1 = 24 +1 =25U(2,4) = 6*2 + 1/2*4 =…

#3 Suppose Shia has the utility function U(x₁, x₂) = 6x₂ + (½¼/₂)x₂. a) Which of the following bundles, (x₁,x₂), do they rank the lowest?: (4,4), (4,2), (2,4), (8,4) (5,4) [PLEASE ENTER YOUR ANSWER AS "(#,#)"]

#3 Suppose Shia has the utility function U(x₁, x₂) = 6x₂ + (½¼/₂)x₂. a) Which of the following bundles, (x₁,x₂), do they rank the lowest?: (4,4), (4,2), (2,4), (8,4) (5,4) [PLEASE ENTER YOUR ANSWER AS "(#,#)"]

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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