Bill receives utility form consumption of two goods x and y, Ask an Expert

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Bill receives utility form consumption of two goods X and Y. If price of X is $6 and Price of Y is $2, Bill’s budget is $14 and the marginal utility of X is MUx = 3X^2Y^4, what is the optimal amount of X and Y. Solve using the Lagrange multipliers method, then find the corresponding level of utility.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91721086

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