Assume there is consumer, his utility function is U(x,y)=y/(100-x). If px = 1, py = 1, please show the demand function of x (as a function of m), and draw the Engel curve (the graph showing the relationship of m and the demand of x)
Assume there is consumer, his utility function is U(x,y)=y/(100-x). If px = 1, py = 1, please show the demand function of x (as a function of m), and draw the Engel curve (the graph showing the relationship of m and the demand of x)
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.8P: Find utility functions given each of the following indifferencecurves [defined by U()=k ]: a....
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Assume there is consumer, his utility function is U(x,y)=y/(100-x). If px = 1, py = 1, please show the demand function of x (as a function of m), and draw the Engel curve (the graph showing the relationship of m and the demand of x)
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