Mary has the following utility function: u(x, y) = 3 ln(x) + 2y. Her income is given by I = 10 and the prices originally are pa = 1 and py = 2 (d) Assume the price of r increases to px = 3, find Mary's new levels of consumption.
Mary has the following utility function: u(x, y) = 3 ln(x) + 2y. Her income is given by I = 10 and the prices originally are pa = 1 and py = 2 (d) Assume the price of r increases to px = 3, find Mary's new levels of consumption.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 22SQ
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