Question
1.)Given the following information: utility function is U(x,y)= 4x^0.5 Y^0.5 , price of good X is N$5, the price of good Y is N$10 and
1.)Given the following information: utility function is U(x,y)= 4x^0.5 Y^0.5 , price of good X is N$5, the price of good Y is N$10 and the consumer income N$400.What is the level of quantity demanded of good X when the price of good X and Y is N$4 and N$10 respectively? Let us assume good X is on the x-axis.
2.) Given the following information: utility function is U(x,y)=4x^0.5 Y^0.5, price of good X is N$5, the price of good Y is N$10 and the consumer income N$400.
What is the level of quantity demanded of good Y when the price of good X and Y is N$4 and N$10 respectively? Let us assume good X is on the x-axis.
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Business Statistics for Contemporary Decision Making
Authors: Ken Black
6th Edition
978-0470409015, 9780470559062, 470409010, 470559063, 978-0470910184
