A consumer has a utility function given by U(x, y) = 3x^(1/2) + 2y^(1/2), where x and
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A consumer has a utility function given by U(x, y) = 3x^(1/2) + 2y^(1/2), where x and y are the quantities of two goods that the consumer can consume. The consumer has an income of $100 and faces prices of Px = $9 per unit for good x and Py = $4 per unit for good y. Determine the consumer's optimal bundle of goods and their corresponding level of utility.
Related Book For
Microeconomics
ISBN: 9781464146978
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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