Question: The consumer has the utility function u(x,y)=x0.3y 0.7. The consumer has income of 100 and the market price of y is 1. d. Assuming that

The consumer has the utility function u(x,y)=x0.3y 0.7. The consumer has income of 100 and the market price of y is 1.

d. Assuming that the market price of y is always of 1 RMB (per unit), calculate the demand curve for x as a function of x-price (assuming the consumer's income is 100).

e. Use the demand curve to calculate the quantity demanded for the price of 1. What will be the quantity demanded for the price of 2? And for 3 RMB?

The consumer has the utility function u(x,y)=x0.3y 0.7. The consumer has income

The consumer has the utility function u(x,y)=x'3y'7. The consumer has income of 100 and the market price of y is l. (1. Assuming that the market price of y is always of l Rh/[B (per unit), calculate the demand curve for x as a function of xprice (assuming the consumer's income is 100). e. Use the demand curve to calculate the quantity demanded for the price of 1. What will be the quantity demanded for the price of 2? And for 3 Rh/[Bi

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