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Presume a consumer's preference can be represented by the utility function U(X, Y)=X*Y. Also suppose the customer has $150 to spend and the price of good X is Px=$2 and the price of good Y is Py=$3. If the customer maximizes their utility subject to their budget constraint, how much of Good X and how much of Good Y will the customer purchase?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91226486

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