Economics Help: Computing Demand Functions
Tom's musical taste is a little weird. He listens to Lady Gaga songs (good 1), and to Arcade Fire tunes (good 2).
I) Suppose his preferences over music consumption can be described by the utility function: U(x1,x2) = ln(x1) + 2ln(x2)
Compute Tom's demand functions x1(m, p1, p2) and x2(m, p1, p2), respectively. Then, graph his consumption choice for m = 120,
p1 = 2, and p2 = 1 (label everything).
Don't worry about the graphing part. I just don't know ho to get the demand functions of x1 and x2.
Does anybody know how to do get the demand function?