Question
Suppose John has the following utility function: U(X,Y) = 6 XY, where X and Y are two goods.If he consumed 15 units of X and
Suppose John has the following utility function: U(X,Y) = 6 XY, where X and Y are two goods.If he consumed 15 units of X and received 360 units of utility. How many units of Y must he consume? Would a market basket of X = 12 and Y = 5 be preferred to the above combination? Explain your answer.
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Macroeconomics
Authors: David Colander
8th edition
978-0078004407, 78004403, 978-0077247171, 77247175, 978-0077307110
