Jacks utility function is U ( x 1 , x 2 ) = x 1 + 4
Fantastic news! We've Found the answer you've been seeking!
Question:
Jack’s utility function is U(x1, x2) = x1+ 4x2. His income is 60. The price of good 1 is 1. The price of good 2 increases from 1 to 3. What is the equivalent variation of this price increase?
Related Book For
Posted Date: