If Philip's utility function is U=4 (41)05+42 what are his demand functions for the two goods? Let the price of q, be p,, let the price of a, be p2, and let income be Y. Philip's demand for q, as a function of p, and p, is and his demand for good q, is 92 = %3D (Properly format your expressions using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a subscripto

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Product and Price Bundling

Product and price bundling is used as a marketing strategy by businesses, where complementary products and services are combined and sold as a package deal. This bundled price is usually less than the total price of the individual products if they were to be sold separately. When bundled and sold, each product is sold at a reduced price. Using a price bundling strategy helps increase the average revenue per user and also increases the engagement with the user. This happens as the perceived value of the bundled products is more than the individual products.