Given a demand function of P = 118-9Qd and supply of P = 20 +5Qs, the utility function U = (Qx0.5+Q,0.5)2 and the consumer budget 143 = 14Qx+13Qy along with the firm production function Q=K0.5 0.7 with the isocost 255 = 23K + 10L. The economic growth factor is 1.4. What is the CHANGE in total amount spent on good X if the price of X increases by the economic growth factor? 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).

Given a demand function of P = 118-9Qd and supply of P = 20 +5Qs, the utility function U = (Qx0.5+Q,0.5)2 and the consumer budget 143 = 14Qx+13Qy along with the firm production function Q=K0.5 0.7 with the isocost 255 = 23K + 10L. The economic growth factor is 1.4. What is the CHANGE in total amount spent on good X if the price of X increases by the economic growth factor? 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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