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Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u (xy)= lnx + 2 ln y (MUx=1/x, MUy=2/y).

Derive his demand functions for x and y.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M91295208

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