Suppose a consumer had a utility function given by: U = XY². If the price of Good X (Px) is $6 and the price of Good Y is $24 then what is the utility maximizing quantity of Good Y the consumer will purchase with a budget of $180 (Round to the nearest two decimal places if necessary.) Answer:
Suppose a consumer had a utility function given by: U = XY². If the price of Good X (Px) is $6 and the price of Good Y is $24 then what is the utility maximizing quantity of Good Y the consumer will purchase with a budget of $180 (Round to the nearest two decimal places if necessary.) Answer:
Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 5QP
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