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3. Suppose good X and good Y are perfect complements to a particular individual and this person always consumes 5 units of good X
3. Suppose good X and good Y are perfect complements to a particular individual and this person always consumes 5 units of good X with 3 units of good Y. Price of X is $6 and price of Y is $5. The total income is $90. (a) Write the consumption ratio of good X and good Y. (b) Write the budget constraint. (c) What is the consumption bundle to maximize the utility level? What is the maximum utility level?
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a The consumption ratio of good X and good Y is 53 This means that for every 5 units of good ...
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Intermediate Microeconomics
Authors: Hal R. Varian
9th edition
978-0393123975, 393123979, 393123960, 978-0393919677, 393919676, 978-0393123968
