What is meant by the phrase “Keeping up with the Joneses”? a
This phrase refers to the human behavior of wanting to spend more because we see others around us spending more and enjoying goods and services that we think we would enjoy as well.
b
This phrase refers to the concept of saving up for only your needs in your budget, not your wants.
c
This phrase refers to the annual event in August where investors compete with each other to see who can beat the market.
d
This phrase refers to the newest reality television show that demonstrates the effect of saving early and often.

David consumes two things: gasoline (g) and bread (b). david's utility function is u(g, b) = 10g^0.25 b^0.75. use the lagrange technique to solve for david's optimal choices of gasoline and bread as a function of the price of gasoline, p_g, the price of bread, p_b, and his income m. with recent decrease in the price of gasoline (maybe due to external shock such as shale gas production) does david increase his consumption of gasoline? for david, how does partial differential g/partial differential p_g depend on his income m? that is, how does david's change in gasoline consumption due to an increase in the price of gasoline depend on his income level? to answer these questions, find the cross-partial derivative, |partial differential^2 g/partial differential m partial differential p_g.