1) Consider the following utility function; U= 10x1 + 15x2, you also know P1=P2=5, and consumer's income is ksh 100. I. Find the utility maximizing quantities of the two goods and marginal cost of utility. II. State the properties of an indirect utility function
1) Consider the following utility function; U= 10x1 + 15x2, you also know P1=P2=5, and consumer's income is ksh 100. I. Find the utility maximizing quantities of the two goods and marginal cost of utility. II. State the properties of an indirect utility function
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.3P
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