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Solving for Optimal Bundle - ticoneva

University of California, Berkeley Spring 2008 ECON 100A Section 109, 112 Solving for Optimal Bundle The whole point of having indifference curve (IC) and budget constraint (BC) is to determine the Optimal allocation the feasible Bundle that gives the highest utility to the individual. By now you should be very familiar with where the Optimal allocation is graphically; in this section we shall work it out mathematically. I. Basics A problem set or exam question that involves Solving out the Optimal allocation mathematically would certainly have very simple functional forms; nothing weird like what we have seen last section.

number in terms of solving for the optimal allocation is the slope, which represents the relative price of the two goods in concern. Relative price simply means the number of oranges one needs to give up in order to get an additional apple. Remember that slope = dy/dx = -Px/Py, so -Px/Py is the number of Y one gets from getting an additional ...

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