Question
Consider a consumer with a utility function u(x1, x2) = 3 log x1+x2. Suppose that the prices are p1 = 2, p2 = 1. Compute
Consider a consumer with a utility function u(x1, x2) = 3 log x1+x2. Suppose that the prices are p1 = 2, p2 = 1. Compute the consumer's Marshallian demand, x1(p1, p2, m) and x2(p1, p2, m), for the following two cases.
(a) m = 4.
(b) m = 1.
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International Economics
Authors: Robert Carbaugh
15th edition
1285854357, 978-1305177093, 1305177096, 978-1285854359
