Let a person's utility function over two goods, X and Y, be given by, U(X,Y) = 3X0.4y0.6. Let the price of X equal $5 and the price of Y equal $10. The person has $100 to spend. The optimal bundle of X and Y includes units of good X.
Let a person's utility function over two goods, X and Y, be given by, U(X,Y) = 3X0.4y0.6. Let the price of X equal $5 and the price of Y equal $10. The person has $100 to spend. The optimal bundle of X and Y includes units of good X.
Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 7WNG
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