24. We assumed that the utility function for hamburgers (y) and soft drinks (x) was given by utility = U(x,y) = x0505 . There is
24. We assumed that the utility function for hamburgers (y) and soft drinks (x) was given by utility = U(x,y) = x0505 . There is an unconscionable price increase for soft drinks (good x) from $1 to $4, the consumer welfare loss is A. 5.56 B. 1.39 C. 2.78 D. 4.1724. We assumed that the utility function for hamburgers (y) and soft drinks (x) was given by utility = U(x,y) = x0505 . There is an unconscionable price increase for soft drinks (good x) from $1 to $4, the consumer welfare loss is A. 5.56 B. 1.39 C. 2.78 D. 4.17
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