Suppose a consumer's utility is given by: u(x₁, x₂) = a√₁ +b√₂ Where a 6, and b = 7 If the price of good 1 is P₁ =$8/unit, the price of good 2 is P₂-$10/unit, and income is I = $77, what is this consumer's optimal consumption level of good 1? (Note: The answer may not be a whole number, so round to the nearest hundredth) (Note: The numbers may change between questions, so read carefully)
Suppose a consumer's utility is given by: u(x₁, x₂) = a√₁ +b√₂ Where a 6, and b = 7 If the price of good 1 is P₁ =$8/unit, the price of good 2 is P₂-$10/unit, and income is I = $77, what is this consumer's optimal consumption level of good 1? (Note: The answer may not be a whole number, so round to the nearest hundredth) (Note: The numbers may change between questions, so read carefully)
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter2: Systems Of Linear Equations
Section2.4: Applications
Problem 27EQ
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