Answered: A consumer preferences u(x, y) = x1/3 +…

A consumer preferences u(x, y) = x1/3 + y1/3has m = 120 and pays px = 4, py = 4. Next month Py = 1. She will increase her purchases of good y by units.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A consumer preferences u(x, y) = x1/3 + y1/3has
m = 120 and pays px = 4, py = 4. Next month
py = 1. She will increase her purchases of good
y by units.

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