If the ulitity function is: U=14x1 + 52x2 How many units of x2 is the consumer willing to pay to get 133 more unit of x1? (hint: remember how to obtain the opportunity cost of x1 using MRS. ENTER THIS NUMBER AS POSITIVE!!! NO NEGATIVE NUMBERS!!!!)
QUESTION 12 The utility function and the prices are the following: U =min{ 13 x1, 47 x2} P1=40, P2=24 and 1=1614 What is the optimal amount of x1?
QUESTION 13 The utility function and the prices are the following: U=min{ 131 x1, 108 x2} P₁=28, P2=38 and 1 =1891 What is the optimal amount of x2?