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UCLA Microeconomics Budget Constraint Minimum Income & Consumers Demand Worksheet

UCLA Microeconomics Budget Constraint Minimum Income & Consumers Demand Worksheet

Question Description

Question 1 (Choice). Ernie has two cell phones and obtains positive utility from talking on both. His utility usingAT&T (x1) and Verizon (x2) is given by:U(x1, x2)= x10.5+ x20.5The price of calls at AT&T is $1 per unit and the price of calls at Verizon is $4 per unit. Ernie spends $2000 onphone calls per yeara) What is Ernie’s optimal bundle? (Hint: You may use the Lagrange Method or simply set the MRS equal tothe price ratio, and plug this into the budget constraint)b) What is Ernie’s utility at this optimal bundle?c) Why is it the case that at the optimal bundle Ernie is using Verizon (the more expensive service)? Whywould he not spend all his money on AT&T (the less expensive ser

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