Question
If a consumer's utility function is given by U(X, Y, Z) = XYZ and they have an income of $90, what amount of their income
If a consumer's utility function is given by U(X, Y, Z) = XYZ and they have an income of $90, what amount of their income should they spend on good Z? Assume all prices are $1.
(Note: Your answer should be a whole number and you should probably use the Lagrangian method.)
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Introduction to Econometrics
Authors: James H. Stock, Mark W. Watson
3rd edition
133595420, 978-0138009007, 138009007, 978-0133486872, 133486877, 978-0133595420
