Question
Let w be the number of whips and j is the number of leather jackets. If Kinko's utility function is U(w,j)=min{7w,4w+12j} and she has income
Let w be the number of whips and j is the number of leather jackets. If Kinko's utility function is U(w,j)=min{7w,4w+12j} and she has income $2400, then if the price of whips is $20 and the price of jackets is $40, how many units of whips will Kinko demand?
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Econometric Analysis Of Cross Section And Panel Data
Authors: Jeffrey M Wooldridge, J M Wooldridge
2nd Edition
0262232588, 9780262232586
