For each of the following utility functions listed below


For each of the following utility functions listed below

i. Write down the optimization problem,

ii. Determine whether you expect an interior or a corner solution,

iii. Write down the optimality condition,

iv. Derive the demand functions for the optimal bundle (x*, y*) as a function of income m, and prices Px and Py.

Utility functions are as follows:

a. u(x,y)=ln(2x)+3y

b. u(x,y)=min(x,4y)

c. u(x,y)=3x0.4y0.9

d. u(x,y) = αx + βy (Hint: The optimality condition and demand functions for this utility function will be a pairwise function, and contain parameters α and β).

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Business Economics: For each of the following utility functions listed below
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