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Assume a consumer with the utility function U= U (X, Y) = (X + 2) (Y + 1) And the budget constraint (M = 95, Px =10 and Px =5) 95 = 10x + 5Y a. Set up the constrained maximization problem, and derive the first-order conditions. b. Find the amounts of goods X and Y the consumer will purchase in equilibrium.

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9689516

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