Dan's utility function is U(x,y) =9.5 x2.4y4.9. Dan's income is 129.1 dollars, the price of good X is 4.8 and the price of good Y is 6.3, What is the slope of Dan's income expansion path, dy/dx, on a graph where good X appears on the horizontal axis and good Y appears on the vertical axis.
Dan's utility function is U(x,y) =9.5 x2.4y4.9. Dan's income is 129.1 dollars, the price of good X is 4.8 and the price of good Y is 6.3, What is the slope of Dan's income expansion path, dy/dx, on a graph where good X appears on the horizontal axis and good Y appears on the vertical axis.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 25SQ
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Transcribed Image Text:Dan's utility function is U(x,y) =9.5 x2.4y4.9. Dan's income is 129.1 dollars, the price of good X is 4.8 and the price of
good Y is 6.3, What is the slope of Dan's income expansion path, dy/dx, on a graph where good X appears on the
horizontal axis and good Y appears on the vertical axis.
Remember not to enter ratios below, such as 3/4, 2/9 etc. Instead enter the number in decimal form.
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