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Quick turnaround needed This question relates to Justin Bieber's demand for Peeps , and Hello Kitty pencil boxes 5. Please find optimal demands ; and

Quick turnaround needed

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This question relates to Justin Bieber's demand for Peeps , and Hello Kitty pencil boxes 5. Please find optimal demands ; and , given the utility function below for Justin Bieber. He's got the same form for budget constraints as everyone else. U(. ) = (212)". Provide an outline of your work for full credit. Now assume that he has an income of $1000, and given P1=$5 and P2 =$1 what is Justin's optimal consumption of Peeps and Hello Kitty pencil boxes? What is the most important intuition you have found in these expressions? Use the work you've done with Justin Bieber above to explain how his demand for Peeps is generated. Hint - use the argument 'where does demand come from' in conjunction with the price for Peeps. Don't be afraid to tweak the price in either direction to illustrate your point in this particular case

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