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Suppose a consumer's preferences are given by U(X,Y) = XYS. Thus, the marginal utility of X, MUx = Y3 and the marginal utility of Y,
Suppose a consumer's preferences are given by U(X,Y) = XYS. Thus, the marginal utility of X, MUx = Y3 and the marginal utility of Y, MUy = 3XY2. Suppose the consumer has $240 to spend and the price of good Y is $1. Sketch the price-consumption curve (PCC) for the prices of . Px = $1 . PX = $2 . PX = $4 To do this, carefully draw the budget constraints associated with each of the prices for good X, and indicate the bundle that the consumer chooses in each case. Also, be sure to label your graph accurately
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