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Suppose a consumer's utility is given by: ?(?1,?2)=??1+??2 ?Where ?=6, ?and ?=2 ?If the price of good 1 ?is ?1=$4 ?unit, the price of good
Suppose a consumer's utility is given by: ?(?1,?2)=??1+??2 ?Where ?=6, ?and ?=2 ?If the price of good 1 ?is ?1=$4 ?unit, the price of good 2 ?is ?2=$10 ?unit, and income is ?=$84, ?what is this consumer's optimal consumption level of good 1?(Note: The answer may not be a whole number, so round to the nearest hundredth)(Note: The numbers may change between questions, so read carefully)
Suppose a consumer's utility is given by: u ($1, $2) = av/1 + bVX2 Where a= 6, and b = 2 If the price of good 1 is P1=$4/unit, the price of good 2 is P2 =$10/unit, and income is I = $84, what is this consumer's optimal consumption level of good 1? (Note: The answer may not be a whole number, so round to the nearest hundredth) (Note: The numbers may change between questions, so read carefully)Step by Step Solution
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