Solved: If the price of cereals drops to 1 calculate his, Business Economics

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If the price of cereals drops to 1 calculate his

Picky eater Sam eats only waffles (x) or cereals (y) for breakfast. His preferences are described by U(x,y) = 6x+4y.

a) If his income is $24 and prices are px = py = $3, how much of each food will he consume?

b) If the price of cereals drops to $1, calculate his compensating and equivalent variations. Comment on your results.

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Business Economics: If the price of cereals drops to 1 calculate his

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