4.13 According to the U.S. Bureau of Labor Statistics, in 2018, average annual consumer expenditures were $1,329

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4.13 According to the U.S. Bureau of Labor Statistics, in 2018, average annual consumer expenditures were

$1,329 on education, $4,612 on health care, and

$2,913 on entertainment. Given that a person buys only these three goods, estimate the person’s CobbDouglas utility function for these three goods. (Hint:

See Solved Problem 3.7.) M

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Microeconomics Theory And Applications With Calculus

ISBN: 9780135183779

5th Edition

Authors: Jeffrey M. Perloff

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4.13 According to the U.S. Bureau of Labor Statistics, in 2018, average annual consumer expenditures were $1,329

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Microeconomics Theory And Applications With Calculus

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