search SEARCH ASK Microeconomic TheoryFIND Microeconomic Theory 12th Edition ISBN: 9781337517942 Author: NICHOLSON Publisher: Cengage 4 Utility Maximization And Choice expand_moreChapter 4 : Utility Maximization And Choice Chapter Questions expand_moreSection: Chapter Questions Problem 4.11P format_list_bulletedProblem 4.11P See similar textbooks Bartleby Related Questions Icon Related questions Bartleby Expand Icon bartleby Concept explainers bartleby Question Let the utility function be given by u(x1, x2) = x1 + x2. Let m be the income of the consumer, p1 and p2 the prices of good 1 and good 2, respectively. (a) Write down the budget constraint and illustrate the set of feasible bundles using a figure. (b) Suppose that m = 24, p1 = 2 and p2 = 4 . Find the optimal bundle for the consumer. In other words, find the combination of x1 and x2 that maximizes the consumer's utility when the prices are p1 = 2 and p2 = 4, and her income is m = 24. (c) Determine the Marshallian demand function. (d) Determine the expenditure function