Write down a utility function that represents britneys, Ask an Expert

Economics

Q. Microeconomic Theory.

Britney is very fashionable. When she buys a new dress (D), she also needs to buy a hat (H) to match that dress also vice-versa. So, she views the 2 goods as perfect complements. The price of a dress is $10, the price of a hat is $6 also she has $64 to spend.

a) Write down a utility function that represents Britney's preferences over dresses also hats.

b) Elucidate how many dresses also hats are she going to consume? (Hint: the 1st order conditions will not help; draw the budget constraint also the indifference curves also look at the highest one that intersects the budget constraint)

c) Illustrate what is the exact value of Britney's indirect utility?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9170925

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