Hillary likes buying vinyl V. and CDs, C. Her utility function is: U(C,C) = V1C4 = 10 What it

Hillary likes buying vinyl V. and CDs, C. Her utility function is: U(C,C) = V1C4 = 10 What it

Hillary likes buying vinyl V. and CDs, C. Her utility function is: U(C,C) = V1C4 = 10 What it Hillary’s marginal rate of substitution of vinyl for CDs? Suppose that the price of vinyl is Pv and the price of a CD is Pc and that Hillary has I dollars a month to spend on either vinyl or on CDs. How many units of vinyl and CDs will she purchase in order to maximize utility? NB: Your answer will be in terms of Pr, Pc, and I.. Suppose that the price of vinyl is Py=100 and the price of CDs is PC =50 and that Hillary has Income I =5200 a month to speed on vinyl or CDs. Draw Hillary’s budget line.

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