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Suppose we have two goods, good 1 and good 2. Let x1 denote the quantity of good 1 and let x2 be the quantity of
Suppose we have two goods, good 1 and good 2. Let x1 denote the quantity of good 1 and let x2 be the quantity of good 2. Suppose a consumer has the utility function _ 2 u(x1,x2) x1 x2 with marginal utilities MU 1= 2x 1x2 and M U 2=x 12. (In case Blackboard is messing up the formula, that is MU1=2x_1*x_2 and MU2=(x_1)"2) Calculate the utility maximizing quantity of good 2, when income is equal to 30, price of good 1 is equal to 2 and price of good 2 is equal to 10.0
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