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Suppose a consumer's preferences are represented by the utility function U(X,Y) = X*Y^2 Therefore, MUx= Y^2 MUy= 2XY Also, suppose the consumer has $180 to
Suppose a consumer's preferences are represented by the utility function
U(X,Y) = X*Y^2
Therefore,
MUx= Y^2
MUy= 2XY
Also, suppose the consumer has $180 to spend (M = $180), PY= 1, and that they spend all of their money on goods X and Y.Also, assume the consumer maximizes their utility subject to their budget constraint. PX is $1 $2 and $3. There is a chart BUT IT IS NOT NEEDED I PUT IN THE VALUES FOR X
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