(d) If the consumer has a utility function, u(x, y) = x + y, find the demanded bundle(s). (e) If the consumer has a utility function, u(x, y) = x² + y², find the demanded bundle(s). 1. A consumer has 12 dollars. The price of x is 4 dollars, and the price of is 6 dollars.

(d) If the consumer has a utility function, u(x, y) = x + y, find the demanded bundle(s). (e) If the consumer has a utility function, u(x, y) = x² + y², find the demanded bundle(s). 1. A consumer has 12 dollars. The price of x is 4 dollars, and the price of is 6 dollars.

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter21: The Theory Of Consumer Choice

Section: Chapter Questions

Problem 13PA

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Concept explainers

Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.

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(d) If the consumer has a utility function, u(x, y) = x + y, find the
demanded bundle(s).
(e)
If the consumer has a utility function, u(x, y) = x² + y², find the
demanded bundle(s).

1. A consumer has 12 dollars. The price of x is 4 dollars, and the price of
is 6 dollars.

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Step 3: Determine the demanded bundle in subpart e)

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