Question
Given the following information: utility function is U (x,y) = 4x^0.5 Y^0.5 price of good X is N$5, the price of good Y is N$10
Given the following information: utility function is U (x,y) = 4x^0.5 Y^0.5 price of good X is N$5, the price of good Y is N$10 and the consumer income N$400.
What is the level of quantity demanded of good X when the price of good X and Y is N$4 and N$10 respectively? Let us assume good X is on the x-axis.
2.) Given the following information: utility function is U(x,y)= 4x^0.5 Y^0.5 price of good X is N$5, the price of good Y is N$10 and the consumer income N$400.
What is the level of quantity demanded of good Y when the price of good X and Y is N$4 and N$10 respectively? Let us assume good X is on the x-axis.
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Managerial Economics A Problem-Solving Approach
Authors: Luke M. Froeb, Brain T. Mccann
2nd Edition
B00BTM8FK0
