# Utility Function Assignment | Homework For You

Consider the utility function u(x1; x2) = x1^(1/2)x2^(1/2) . Let the prices of good 1 and good 2 be p1 and p2, and of course let the consumer’s income be m.

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1) State the consumer’s maximization problem and use this problem to derive his demand functions for the two goods.

2) Is good 1 ordinary or Giffen? Is good 1 normal or inferior? Is good 1 luxury or necessary? How can i explain this?

3) Suppose the prices per unit for the two goods are p1 = p2 = \$2 and the consumer’s income is m = \$100. How can I calculate his optimal consumption bundle?

4) Now suppose the price of good 1 increases to p’1 = \$4 per unit. What is his new optimal consumption bundle?

5) Calculate the substitution effect and the income effect of the price change in demand of good 1. How can I illustrate them on a graph? Get Economics homework help today

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