Elmer fudd likes to hunt ldquowabbitsrdquo but also likes, Ask an Expert

Economics

Elmer Fudd likes to hunt “wabbits” but also likes to hunt duck. His utility function can be expressed as U(W,D)= 1/(-(2W^2+D^2 )^2 ).

–Solve for the marginal utility of both “wabbits” and duck.

–Write the tangency condition, what can you tell me about Elmer’s preferences?

–Suppose that the price of hunting Duck is $5.00 and the price of hunting “wabbit” is $3.25. If Elmer has $150.00 to spend how much duck and “wabbit” should he hunt?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92195726

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