4.12 In 2005, Americans bought 9.1 million home radios for $202 million and 3.8 million home-theater-ina-box units
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4.12 In 2005, Americans bought 9.1 million home radios for $202 million and 3.8 million home-theater-ina-box units for $730 million (TWICE, March 27, 2006). Suppose the average consumer has a CobbDouglas utility function and buys these two goods only. Given the results in Solved Problem 3.7, estimate a plausible Cobb-Douglas utility function such that the consumer would allocate income in the proportions actually observed. M
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Related Book For 
Microeconomics Theory And Applications With Calculus
ISBN: 9780135183779
5th Edition
Authors: Jeffrey M. Perloff
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