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Harry purchases butterbeer b and chocolate frogs c and has

Harry purchases butterbeer (B) and chocolate frogs (C) and has the following utility function:U(B,C) = min(4B, C). He has $360 to spend on butterbeer and chocolate frogs. Suppose that the price ofbutterbeer is $4 per bottle and the price of chocolate frogs is $5 each.

(a) Find the utility maximizing consumption bundle for Harry given his budget constraint.

(b) What would happen to the optimal consumption bundle if Harry’s income falls to $180?

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Business Economics: Harry purchases butterbeer b and chocolate frogs c and has

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Business Economics: Harry purchases butterbeer b and chocolate frogs c and has

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