College Paper Writing Service-Introduction to Mathematical Economics
Suppose a consumer has the following utility function: =
And budget constraint: = +
Find Marshallian demand functions for X and Y.
How many units of X and Y will this consumer select when their income is equal to 100, the price of X is 3, the price of Y is 2, is 1/3 and is 2/3? (Assume X and Y are continuously divisible goods). What fraction of this consumer’s budget is spent on good X?