Consider the utility function uxy30x8 y2ndashfor the points, Ask an Expert

Economics

Consider the utility function U(X,Y)=30X^.8 Y^.2.

–For the points X = 1, 5, 10, and 20 find the Y such that the pair (X,Y) lies on the indifference curve associated with U = 10.

–Explain why these points are unique on this indifference curve. Please use at least 3 properties of indifference curves and any of the assumptions regarding utility to justify your response. Your response should include graphs.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92195730

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