8 Consider a consumer with the utility function uGr. v) = rayb where x is the quantity of good X and y is the quantity of good Y and where a and b are positive constants. LetPxbe the price of good X,bePythe price of good Y, and M be the consumer's income. What is the consumer's optimal level of utility (or the consumer's indirect utility) when px = 10 and p, = 20 , when M=200 and when a=b=2?

Answered: Image /qna-images/answer/ade67760-472e-4148-938a-d5c0cc66358f.jpg

der a consumer with the utility function Ur.v) = xy where x is the quantity of good X and y is the quantity of good Y and where a and bare positive constants. Let be the price of good X, be Py ice of good Y, and M be the consumer's income. What is the consumer's optimal level of utility (or the consumer's indirect utility) when p, = 10 and p, = 20 , when M=200 and when a=b=2?

der a consumer with the utility function Ur.v) = xy where x is the quantity of good X and y is the quantity of good Y and where a and bare positive constants. Let be the price of good X, be Py ice of good Y, and M be the consumer's income. What is the consumer's optimal level of utility (or the consumer's indirect utility) when p, = 10 and p, = 20 , when M=200 and when a=b=2?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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