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What is the marginal utility of income? (all of the other answers are correct). Sharon has the following utility function: U(X.Y) = l? + N
What is the marginal utility of income? (all of the other answers are correct).
Sharon has the following utility function: U(X.Y) = l? + N where X is her consumption of candy bars, with price PX = $2.75, and Y is her consumption of espressos, with PY = $5.00. Derive Sharon's demand for candy bars and espresso. Sharon's demand of candy bars and espressos is X =1.958I and Y=1.723I. V X=0.235| and Y=0.071I. X =1.379I and Y = 0.586l. X = 0.796I and Y = 0.071I. X = 0.813I and Y=1.723l. Assume that Sharon's income is | = $100. How many candy bars and how many espressos will Sharon consume? Sharon will consume 23.5 candy bars and 7.10 espressos. (Enter your responses rounded to two decimal places.) What is the marginal utility of income? The marginal utility of income is D. (Enter your response rounded to two decimal places.)Step by Step Solution
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