# Assuming a utility function U=f(x, y) for two goods, x and y, and a budget constraint I=pxx+pyy, explain and illustrate the position of the consumer’s optimum

(24) Part IV Short Essay Questions.

Choose one of the following two questions.

An essay means to write with complete sentences and multiple paragraphs.This is a UNH Writing Intensive Class.

Sign and place the diagram after your written explanation.

1. .Assuming a utility function U=f(x, y) for two goods, x and y, and a budget constraint I=pxx+pyy, explain and illustrate the position of the consumer’s optimum. Remember to explain all of the pieces of the diagram, what each means, and the tangency point.

2.What is a bargaining game and its threat and cooperative solutions?Then explain and graphically illustrate diagrammatically how Adam and Blair create value in exchange when they agree to trade a ‘57 Chevrolet convertible.How is this example so important in understanding something fundamental about economics?

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