using two goods x subscript 1 end subscript and x subscript 2 end subscript. The price of the first good is BGN 12 and the second good BGN B. His utility function is x subscript 1 superscript 3 divided by 5 end superscript x subscript 2 superscript 2 divided by 5 end superscript and the utility he will get from using both goods, is 32 units. Find the Hicks quantities demanded and what Assen's minimum budget must be to consume these quantities and obtain the above utility. e=412, h2=21, h1=21 e=416, h2=21, h1=21 e=640, h1=32, h2=32 e=422, h2=21, h1=21 e=378, h2=21, h1=21 e=378, h2=20, h1=20 another answer e-378, h2=24, h1=24
using two goods x subscript 1 end subscript and x subscript 2 end subscript. The price of the first good is BGN 12 and the second good BGN B. His utility function is x subscript 1 superscript 3 divided by 5 end superscript x subscript 2 superscript 2 divided by 5 end superscript and the utility he will get from using both goods, is 32 units. Find the Hicks quantities demanded and what Assen's minimum budget must be to consume these quantities and obtain the above utility. e=412, h2=21, h1=21 e=416, h2=21, h1=21 e=640, h1=32, h2=32 e=422, h2=21, h1=21 e=378, h2=21, h1=21 e=378, h2=20, h1=20 another answer e-378, h2=24, h1=24
Principles of Economics 2e
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ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
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Problem 14CTQ: The rules of politics are not always the same as the rules of economics. In discussions of setting...
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![7 Asen tries to minimize his cost of using two goods x subscript 1 end subscript and x subscript 2
end subscript. The price of the first good is BGN 12 and the second good BGN 8. His utility function
is x subscript 1 superscript 3 divided by 5 end superscript x subscript 2 superscript 2 divided by 5
end superscript and the utility he will get from using both goods, is 32 units. Find the Hicks
quantities demanded and what Assen's minimum budget must be to consume these quantities and
obtain the above utility.
e-412, h2=21, h1=21
e=416, h2=21, h1=21
e=640, h1=32, h2=32
e=422, h2=21, h1=21
e=378, h2=21, h1=21
e-378, h2=20, h1=20
another answer
e-378, h2=24, h1=24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F56cfc860-5dc5-40cf-b8f5-9bc848c465be%2F48ed329c-d19a-42ce-a6aa-261e3c2e6e55%2F2y3xnt5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:7 Asen tries to minimize his cost of using two goods x subscript 1 end subscript and x subscript 2
end subscript. The price of the first good is BGN 12 and the second good BGN 8. His utility function
is x subscript 1 superscript 3 divided by 5 end superscript x subscript 2 superscript 2 divided by 5
end superscript and the utility he will get from using both goods, is 32 units. Find the Hicks
quantities demanded and what Assen's minimum budget must be to consume these quantities and
obtain the above utility.
e-412, h2=21, h1=21
e=416, h2=21, h1=21
e=640, h1=32, h2=32
e=422, h2=21, h1=21
e=378, h2=21, h1=21
e-378, h2=20, h1=20
another answer
e-378, h2=24, h1=24
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