The utility that Divesh obtains by consuming X and Y is given by U(X,Y)=5X2/3Y1/3. The price of X is $12, the price of Y is $1, and income is $48. Which two equations characterize Divesh's optimal consumption bundle? A) 4X+48Y=48 (1/3)Y=(2/3)X B) 12X+Y=48 (1/3)Y (2/3)X
The utility that Divesh obtains by consuming X and Y is given by U(X,Y)=5X2/3Y1/3. The price of X is $12, the price of Y is $1, and income is $48. Which two equations characterize Divesh's optimal consumption bundle? A) 4X+48Y=48 (1/3)Y=(2/3)X B) 12X+Y=48 (1/3)Y (2/3)X
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 13PAE
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