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Category > Economics Posted 05 Jun 2017 My Price 4.00

Question 4

Question 4 22 p1: Suppose a consumer‘s utility function is given by UIXX} = X'Y. Also, the consumer has $144 to spend. and the
price of X, Px = 9, and the price of ‘r', Py = 4. a} {4 points} How:r much X and "I' should the consumer purchase in order to maximize her utility?
bl {2 points} How much total utilityr does the consumer receive?
cl {4 points} NowI suppose Px decreases to 4. What is the newI bundle of X and Ythat the consumer will demand? d] [6 points} How much money would the consumer need in order to have the same utility level after the price
change as before the price change? e} [6 points} Of the total change in the quantity demanded of X. howI much is due to the substitution effect and
how:r much is due to the income effect? Upload Choose a File

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SuperTutor
(15)
Status NEW Posted 05 Jun 2017 06:06 AM My Price 4.00

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file 1496645183-Solutions file.docx preview (51 words )
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