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Consider a consumer that faces the following budgetconstrained utility maximisation problem: Maximise U(Q'1:i'2ii'3) = '11 + in ((32%) subject to plql + page +p3q3 s
Consider a consumer that faces the following budgetconstrained utility maximisation problem: Maximise U(Q'1:i'2ii'3) = '11 + in ((32%) subject to plql + page +p3q3 s a 11 3* U, '12 > U, and a; > 0i where p1 is the price of commodity one, p2 is the price of commodity two, 313 is the price of commodity three? and y is the consumer's income. The choice variables in this problem are ql, q;1 and (13. You may assume that this consumer will optimally choose to exhaust his or her budget throughout this question. You may also assume that 0
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