10 Suppose Lan's utility function is U₁(x,y) =x₁6y₁¹0 and Dan's utility function is U₁(x,y)=xD³y5, where x; and y₁ den respectively the amount of good X and of good Y consumed by person i, i=L, D. A total of 44 of each good is available and it is to be divided efficiently between Lan and Dan. How many units of should Lan get if we give Dan 14 units of good Y such that the allocation is efficient? Enter the value of this amou good X below.

10 Suppose Lan's utility function is U₁(x,y) =x₁6y₁¹0 and Dan's utility function is U₁(x,y)=xD³y5, where x; and y₁ den respectively the amount of good X and of good Y consumed by person i, i=L, D. A total of 44 of each good is available and it is to be divided efficiently between Lan and Dan. How many units of should Lan get if we give Dan 14 units of good Y such that the allocation is efficient? Enter the value of this amou good X below.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter4: Utility Maximization And Choice

Section: Chapter Questions

Problem 4.11P

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