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Question - Karen is at the supermarket buying her weekly groceries. Since she is on a budget, she wants to limit her purchases to canned soup (C) and prepackaged salad (S). A can of soup costs $1.2 and a tub of salad costs $2. Her utility function is expressed as U(C,S) = C × S. Given that she has only $10 to spend, derive Karen's optimal consumption using calculus and illustrate your solution on a graph, indicating the coordinates of the relevant points.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92503725
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