For the utility function U = (Qx0.5+Q,0.5)2 and the budget 122 = 8Qx+8Qy find the CHANGE in optimal consumption of X if the price of X increases by a factor of 1.7. Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 1.2, 1.14 = 1.1).

For the utility function U = (Qx0.5+Q,0.5)2 and the budget 122 = 8Qx+8Qy find the CHANGE in optimal consumption of X if the price of X increases by a factor of 1.7. Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 1.2, 1.14 = 1.1).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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