1.4. Sharon has the following utility function: where X is her consumption of candy bars, with price...
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1.4. Sharon has the following utility function:
where X is her consumption of candy bars, with price PX = $1, and Y is her consumption of espressos, with PY = $3.
a. Derive Sharon’s demand for candy bars and espresso.
b. Assume that her income I = $100. How many candy bars and how many espressos will Sharon consume?
c. What is the marginal utility of income?
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