Peter har this utility function 0,5 リ=x05 Where U is utility and x, and x, and the volume of goods 1 og 2 Peters income can be expressed as m, while the price on the goods 1 and 2 is given by p, and p, When the price on good 1 is 2 dollar, and the price on good 2 is 1 dollars. Peter has a budgett of 200 dollars. Peter will buy XXX of good 1, and XXX of good 2 Calculate XXX and XXX
Peter har this utility function 0,5 リ=x05 Where U is utility and x, and x, and the volume of goods 1 og 2 Peters income can be expressed as m, while the price on the goods 1 and 2 is given by p, and p, When the price on good 1 is 2 dollar, and the price on good 2 is 1 dollars. Peter has a budgett of 200 dollars. Peter will buy XXX of good 1, and XXX of good 2 Calculate XXX and XXX
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 1SQP
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Transcribed Image Text:Peter har this utility function
リ=x,°
0,5
0,5
メー
Where U is utility and x, and x, and the volume of goods 1 og 2
Peters income can be expressed as m, while the price on the goods 1 and 2 is given by p, and p,
When the price on good 1 is 2 dollar, and the price on good 2 is 1 dollars. Peter has a budgett of 200
dollars. Peter will buy XXX of good 1, and XXX of good 2
Calculate XXX and XXX
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