When prices for goods X and Y are $1 and $2, respectively, a consumer chooses to consume
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When prices for goods X and Y are $1 and $2, respectively, a consumer chooses to consume 1 unit of good X and 2 units of good Y. When prices for goods X and Y are $2 and $1, respectively, the same consumer chooses to consume 2 units of good X and 1 unit of good Y. Is this behavior consistent with the consumer maximizing utility?
Related Book For
Managerial Economics and Business Strategy
ISBN: 978-0071267441
7th Edition
Authors: Michael R. baye
Posted Date: