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Question 3
11:27 AM Wed Jan 30 70%- blackboand.sc.edu Question 3 20 pts) mer with the following utility function, (x,y)-灬where the price ofi. p and the price of y is one and income is M r a. Write down the consumers constrained maximization problem b. Find the consumers inverse demand function. (You may assume there are no corner solu- tions.) of consuming the 16th unit of the good? 16th unit of the good? c. Suppose that the consumer is purchasing 16 units of the good. What is his marginal benefit d. Suppose that the market price is s0.10. What is his marginal consumer surplus from the
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