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Economics U(X.Y)=X+2Y 1. Are these preferences strictly convex? Will there be an interior solution? [20%] 2. Find Ursula's demand for goods X and Y. [30%]
Economics U(X.Y)=X+2Y 1. Are these preferences strictly convex? Will there be an interior solution? [20%] 2. Find Ursula's demand for goods X and Y. [30%] 3. Is good X a normal good, an Inferior good or neither? Explain in one or two sentences. [10%]
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