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4. our preferences over goods X and Y are represented by a utility function with marginal rate of substitution given by MRS = 2Y/3X. Denote
4. our preferences over goods X and Y are represented by a utility function with marginal rate of substitution given by MRS = 2Y/3X. Denote the prices of the two goods as P, and P, and denote income by I. a. Write the equation of the budget line. b. Write the "tangency condition" and explain what this optimization condition means. c. Solve for the demand function for good Y. #****Bonus***** What is the income elasticity for this demand function
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