Question
Good 1 costs $5 and good 2 costs $2. The player gets a utility of (x base 1)^0.8(x base 2)^1-0.8. They want to minimize their
Good 1 costs $5 and good 2 costs $2. The player gets a utility of (x base 1)^0.8(x base 2)^1-0.8. They want to minimize their expenditure but they must get a utility of at least 10. How much of good 1 will they consume?
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Macroeconomics
Authors: Glenn Hubbard, Anthony Patrick O'Brien, Matthew P Rafferty
1st Edition
978-0132109994, 0132109999
