Jose8013 Jose8013

03-06-2023
Business

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5. Theo the Monk has plenty of free time, and he uses his free time for reading. He prefers to drink tea while reading. The books and tea that Theo wants for personal use must be purchased outside with his own money. His budget is $160 per month. Books (good x) cost $20 each. Tea (good y) costs $15 per box. Theo's utility function is u(x,y) = x3y2 Draw Theo's budget line. Solve Theo's optimal consumption bundle of books and tea. Draw the indifference curve that includes Theo's optimal bundle. Include numbers for solved quantities of books and tea on the diagram, as well.

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