mackenziesue298 mackenziesue298

06-03-2024
Business

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Assume Maria’s preferences for two goods, can be illustrated by the
following utility function U(X, Y) = 3X + 4Y. Assume PX = 2: PY = 5 and she
has a budget of £30 to spend on the two goods. Calculate the consumption bundle that will maximise Maria’s utility
(You must clearly show all working and explain the economic
intuition to receive the marks for this question). Illustrate and
explain your answers on a well labelled indifference curve diagram
and calculate utility at the optimal point.

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