Consumer spends $450 per week on two goods, X and Y. PX= $5 and PY=$3. His utility function is U= 0.5Xy2. What quantities of X and Y does he buy each week in equilibrium
Consumer spends $450 per week on two goods, X and Y. PX= $5 and PY=$3. His utility function is U= 0.5Xy2. What quantities of X and Y does he buy each week in equilibrium
Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 3WNG
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7. Consumer spends $450 per week on two goods, X and Y. PX= $5 and PY=$3. His utility function is U= 0.5Xy2. What quantities of X and Y does he buy each week in equilibrium
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