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Question 1 (p) Madam Lim's sister, Angela, has the following utility function [J(x, y) = min{x, y}. The prices of Kopi (x) and Kuih (y)
Question 1
(p) Madam Lim's sister, Angela, has the following utility function [J(x, y) = min{x, y}. The prices of Kopi (x) and Kuih (y) are $3 and 85, respectively. What is the minimum expenditure that allows Angela to attain the utility U = 7?
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International Trade
Authors: John McLaren
1st edition
0470408790, 978-0470408797
