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Utility Maximization Suppose total utility is TU = 40X + 15Y – 2X 2 – 3Y 2 , where X is the amount of good 1 and Y is the amount of good 2. The prices of the two goods are 4 and 3, and you have $42. Showing work clearly, answer the following questions. a. What is the equation of the line for the budget constraint? b. What is the slope of the budget constraint? c. Determine the function for the marginal utility of X. d. Determine the function for the marginal utility of Y. e. What is the slope of the indifference curve? f. How much should you buy of each good to maximize your total utility?

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Utility Maximization

Utility Maximization

Suppose total utility is TU = 40X + 15Y 2X2 3Y2, where X is the amount of good 1 and Y is the amount of good 2. The prices of the two goods are 4 and 3, and you have $42. Showing work clearly, answer the following questions.

a. What is the equation of the line for the budget constraint?

b. What is the slope of the budget constraint?

c. Determine the function for the marginal utility of X.

d. Determine the function for the marginal utility of Y.

e. What is the slope of the indifference curve?

f. How much should you buy of each good to maximize your total utility?


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