According to a 2010 survey of British students (www.leedsuniversityunion.org.uk/helpandadvice/ money/costofliving), a typical student had a budget of
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(www.leedsuniversityunion.org.uk/helpandadvice/ money/costofliving), a typical student had a budget of £18.8 per week to spend on mobile telephones, Internet access, and music. That student spent about 45% on phones, 28% on Internet access, and 27% on music. Estimate the student's Cobb-Douglas utility function for these three goods?
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Microeconomics Theory and Applications with Calculus
ISBN: 978-0133019933
3rd edition
Authors: Jeffrey M. Perloff
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