Lesson 6- Individual and Market DemandQuestion 9 Suppose that a consumer had a utility function given by:U=X²Y4.This consumer has a budget of $12.Fill in the value of this consumer's demand function. X =*(1/Px).(For instance, if X = 4/Px, then X = 4 * (1/Px) and enter4)

4 * (1/Px)Explanation:Given:Utility function: U = x2y4Budget: 12 Budget constraint:XPx + YPy = 12…

Answered: Suppose that a consumer had a utility…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that a consumer had a utility function given by: U=X²Y4. This consumer has a budget of $12. Fill in the value of this consumer's demand function. X = *(1/Px). (For instance, if X = 4/Px, then X = 4 * (1/Px) and enter 4)

Suppose that a consumer had a utility function given by: U=X²Y4. This consumer has a budget of $12. Fill in the value of this consumer's demand function. X = (1/Px). (For instance, if X = 4/Px, then X = 4 (1/Px) and enter 4)