Your parents are pleased with your academic performance and have promised you $20,800 next year on the condition that you maintain your marks. What will
Your parents are pleased with your academic performance and have promised you $20,800 next year on the condition that you maintain your marks. What will be your standard of living given your utility function and the prices of necessities (Y) and non-necessities(X). TU = 30YX (1) Y Py = $2 Px = $2 (23 X Optimal combination of Y and X: Y and X Utility derived from $20,800 utils
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