A consumer has U = 3X0.5Y0.5 for a utility function, with MUx = 1.5 X-0.5Y0.5 and MUy = 1.5 X0.5Y-0.5. If she has income of $500, the price of X is $4, and the price of Y is $7, this consumer will use _____units of X and _____units of Y in equilibrium.
A consumer has U = 3X0.5Y0.5 for a utility function, with MUx = 1.5 X-0.5Y0.5 and MUy = 1.5 X0.5Y-0.5. If she has income of $500, the price of X is $4, and the price of Y is $7, this consumer will use _____units of X and _____units of Y in equilibrium.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section6.A: Indifference Curve Analysis
Problem 1SQP
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A consumer has U = 3X0.5Y0.5 for a utility function, with MUx = 1.5 X-0.5Y0.5 and MUy = 1.5 X0.5Y-0.5. If she has income of $500, the
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