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question 3 only . Optimal Consumption Decision in Utility Maximization Model 1) 2) 3) Biwei's marginal use value for chamomile tea consumption is MU:-2Q+6, where
question 3 only
. Optimal Consumption Decision in Utility Maximization Model 1) 2) 3) Biwei's marginal use value for chamomile tea consumption is MU:-2Q+6, where Q is the box quantity of chamomile tea consumed and takes only integer values. Draw the marginal use value curve and total use value curve for Q less than 5. If the price for a box of chamomile tea is $4, how many boxes will Biwei consume per week? If the price drops to $2, how many boxes will Biwei consume per week? Biwei's total use value is now given by TU = 8J6, where Q takes only integer values. Draw the marginal use value curve and total use value curve for Q less than 5. If the price for a box of chamomile tea is $4, how many boxes will Biwei conSume per week? If the price drops to $2, how many boxes will Biwei consume? Both Biwei and Alex share the utility function TU = Vincome. If Biwei makes $10,000 and Alex makes $40,000 per month, how can their incomes be distributed to maximize social utilityStep by Step Solution
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