=+d. Suppose that tastes for hamburgers x and a composite good y can be characterized by the

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=+d. Suppose that tastes for hamburgers x and a composite good y can be characterized by the utility function u1x,y2 5 20x 0.5 1 y for all 100,000 consumers in the market, and assume that all consumers have budgeted $100 for x and other goods y. How many hamburgers are sold before and after the imposition of the license fee?

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Muhammad Salman Alvi

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