Question
A consumer has the utility functionU(X,Y)= MIN(4X, 5Y)and $188 to spend.The price of X = $4, and the price of Y = $1.Calculate the equivalent
A consumer has the utility functionU(X,Y)= MIN(4X, 5Y)and $188 to spend.The price of X = $4, and the price of Y = $1.Calculate the equivalent variation when the price of X changes to $11.Round your answer to two decimal places.
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Managerial Economics And Financial Analysis
Authors: M.S. Bhat, A.V. Rau
1st Edition
9352300211, 978-9352300211
