2. A consumer buys two products, the quantities being x and y. Her marginal utility of consuming good x is Ux, while that of good y is Uy. If the two marginal utility functions are given by: 6x4 Ux = 3x²ey + 24x³y-1 & U₁ = x³e (y+1) + (2 – 3³ In 3)e ²y-3 y2 Assume that it is known that the consumer remains on the same utility curve. Determine the total utility function (U(x, y)) of this consumer (Hint: See Chiang pg. 401 for the dynamics of U(x, y)).
2. A consumer buys two products, the quantities being x and y. Her marginal utility of consuming good x is Ux, while that of good y is Uy. If the two marginal utility functions are given by: 6x4 Ux = 3x²ey + 24x³y-1 & U₁ = x³e (y+1) + (2 – 3³ In 3)e ²y-3 y2 Assume that it is known that the consumer remains on the same utility curve. Determine the total utility function (U(x, y)) of this consumer (Hint: See Chiang pg. 401 for the dynamics of U(x, y)).
Micro Economics For Today
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ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 6SQP
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Transcribed Image Text:2. A consumer buys two products, the quantities being x and y. Her marginal utility of
consuming good x is Ux, while that of good y is Uy. If the two marginal utility functions
are given by:
6x4
Ux = 3x²ey + 24x³y-1 & U₁ = x³e (y+1)
+ (2 – 3³ In 3)e ²y-3
y2
Assume that it is known that the consumer remains on the same utility curve. Determine
the total utility function (U(x, y)) of this consumer (Hint: See Chiang pg. 401 for the
dynamics of U(x, y)).
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