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Help before 11 AM EST 4.- (25 points) A consumer's preferences can be represented with the utility function U1(x, y) = x . y. A

Help before 11 AM EST

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4.- (25 points) A consumer's preferences can be represented with the utility function U1(x, y) = x . y. A second consumer has preferences represented by the utility function U2 (x, y) = x . y2. a) Compute the demand functions for these consumers. b) Suppose the price of y is $20, consumer 1 has income $200, and consumer 2 has income $100. There are (many, competitive) firms that can produce good x at a constant marginal cost of $4. Compute the equilibrium quantity of good x in this market

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