Question
The utility function is U = x + y a. Find the utility-maximizing consumption bundle when income is 120 and P x = 1 and
The utility function is U = x + y
a. Find the utility-maximizing consumption bundle when income is 120 and Px= 1 and Py=2
b. Suppose that income remains 120 and Px remains 1 but Py decreases to (3/2). What is the utility-maximizing consumption bundle?
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International Economics
Authors: Robert Carbaugh
15th edition
1285854357, 978-1305177093, 1305177096, 978-1285854359
