Find the optimal level of x and y if uxy10z5y xygt0 and px3, Ask an Expert

Economics

Find the optimal level of x and y if U(x,y)=10z+5y x,y>0, and Px=3, Py=1 and I=30. Describe the relationship between x and y.

If the price of y doubles, will the consumer change their choice? If so, find the new values of x and y.

Please provide a mathematical explanation NOT a graphical one.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91718814

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