Answered: 3. Consumer Optimization Utility…

3. Consumer Optimization Utility Function: U = In (x) + 2*In (y) Budget Constraint: 50 = x + 2y Find the optimal values of x and y

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter21: The Theory Of Consumer Choice

Section: Chapter Questions

Problem 1QR

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3. Consumer Optimization
Utility Function: U = In (x) + 2*In (y)
Budget Constraint: 50 = x + 2y
Find the optimal values of x and y

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