Consider the following consumer utility maximization problem: modifyingbelow max with x comma y left parenthesis 4 plus x right parenthesis left parenthesis 2 plus y right parenthesismaxx, y (4+x)(2+y) s. t. 5 x plus 18 y less than or equals 2315x + 18y ≤ 231 x greater than or equals 0 comma y greater than or equals 0x≥0, y≥0 a. identify the following elements of the consumer's problem (note: i am not asking you to "solve" this problem, but to tell me what each of the following are equal to in the consumer's problem above): u left parenthesis x comma y right parenthesis equalsu(x, y) =left parenthesis 4 plus x right parenthesis left parenthesis 2 plus 7 right parenthesis(4+x)(2+7) upper p subscript x baseline equalspx =11 upper p subscript y baseline equalspy =11 upper i equalsi =231231 b. the budget constraint holds with equality because which assumption is satisfied? a. completeness b. transitivity c. strong monotonicity (more is better) d. convexity (diminishing marginal rate of substitution)
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Consider the following consumer utility maximization problem: modifyingbelow max with x comma y lef...
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