Consider a consumer with utility function u(x1, x2, x3) = x1x2x3, and income w. (a) Set up the consumers utility maximization problem and nd the…

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Consider a consumer with utility function u(x1, x2, x3) = x1x2x3, and income w.

(a) Set up the consumerís utility maximization problem and Önd the Walrasian de-

mands for each good.

(b) Let x1 + p2/p1 * x2 = xc denote the units of a composite good. Set up the consumer’s utility maximization problem again, but now in terms of the composite good xc.

Find the Walrasian demand function for the composite good xc.

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