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1. For each of the cases below, please write out the Ziggy's utility function. a. Ziggy consumes 2 units of good 1 with every one
1. For each of the cases below, please write out the Ziggy's utility function.
a. Ziggy consumes 2 units of good 1 with every one unit of good 2
b. Ziggy is willing to substitute three units of good 1 for every one unit of good 2.
2.Adam has the following utility function, U (x1, x2) = x10.5x20.5. His income is $100, price of good 1 is $1 and price of good 2 is $2. Please find Adam's optimal choice for good one and two.
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