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Question 4. Suppose Hilton has 3140 to he di'rided optimally between com and beans. What will he the relationship between the price of beans and
Question 4. Suppose Hilton has 3140 to he di'rided optimally between com and beans. What will he the relationship between the price of beans and the amount of beans he will hug: if U 2 18m (2,: + 2 In Q3: where L" is his utility, 4:2,; is the quantity ofcom he consumes (in pounds]: and Q5. is the quantity ofheans he consumes {in pounds}? [12 marks] (Hint: You are asked to derive an equation between I523 and PB using the tangencje' condition and the budget line- Notice that the relationship you will nd is actually the demand function or demand curve for beans}
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