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A consumer's preferences are given by the following Leontief utility function: u(x, y) = min[9x, y] Assume initially Px = 2, Py = 1, and
A consumer's preferences are given by the following Leontief utility function: u(x, y) = min[9x, y] Assume initially Px = 2, Py = 1, and | = 22. (e.) At the new price Phew = 4, what is the new optimal consumption of x? X *new Type your answer here (Should the answer be a decimal, please ensure to provide an answer with three decimal places and include a minus sign (-) if necessary)A consumer's preferences are given by the following Leontief utility function: u(x, y) = min[9x, y] Assume initially Px = 2, Py = 1, and | = 22. (d.) What is the substitution effect (for x)?: Substitution Effect = Type your answer hereA consumer's preferences are given by the following Leontief utility function: u(x, y) = min[9x, y] Assume initially Px = 2, Py = 1, and | = 22. (f.) What is thee income effect (for x)? Income Effect = Type your answer here (Should the answer be a decimal, please ensure to provide an answer with three decimal places and include a minus sign (-) if necessary)
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