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Goods X and Y have unit prices pm and pg respectively. The utility to a consumer of buying quantity 1: of X and quantity y
Goods X and Y have unit prices pm and pg respectively. The utility to a consumer of buying quantity 1: of X and quantity y of Y is 1 = 4 \"(w'y) 0 m2 + 292 (As usual, assume :1: and y are nonnegative.) Compute the Hicksian demand of X if pI = 2, py = 5, and U = 20. That is, find the quantity of X the consumer buys to minimize the amount of money spent on the two goods, while maintaining a utility of at least 20. ssh(2, 5, 20) = a How much money does the consumer spend on good X in that case? \\ 1|
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