2. The consumer utility function has the following form: TU(Qx, Qy)=QxQy Knowing that the prices of goods X and Y are equal to 1 and 2 respectively, and the income is 40. What is the optimal consumption of both goods?
2. The consumer utility function has the following form: TU(Qx, Qy)=QxQy Knowing that the prices of goods X and Y are equal to 1 and 2 respectively, and the income is 40. What is the optimal consumption of both goods?
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 2QFR
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