Can someone help me please? I'm in the task not: /
Joschka makes a vacation in Venice. He is assisted by payment of travel expenses for 150 euros. The price of a meal (good 1) averages p1 = 10 euros a night in the hostel (well 2) costs him p2 = 20 Euro. Joschka utility function is given by: U (x1, x2) = x1 ∙ x2 III. How Joschka distribute its budget on accommodation and meals? (Note: Determine the solution formally using the Lagrangeansatzes). IV What level of utility obtained for him? V. Ask your result on a graph represents!
Thanks in advance!