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[2. John likes 3 sugar packets (S) in his coffee (C). Assume that Ps is the price of sugar, Pc is the price of coffee

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[2. John likes 3 sugar packets (S) in his coffee (C). Assume that Ps is the price of sugar, Pc is the price of coffee and I is John's income. (a) Write down John's budget set and utility Solution Budget set: (Ps)S + (Pc)C = 1 Utility function: u(S,C) = 5 + 3C]

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