Microeconomics

Suppose Ann and Bob each have $90 with which to buy xanthum (x) and yarrow (y). Their preferences are represented, respectively, by

the utility functions ( u(x,y) = xy ( MUx=y, MUy=x ) for 16 utils and 25 utils) and ( u(x,y) = 6x+2y ( MUx=6, MUy=2 ) for 30 utils and

60 utils) Assuming the price of x is $12 and the price of y is $2, draw their common budget set. Next, determine each agent’s demands

for x and y.

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