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The consumer's utility function is U(x, y) = 3x + 2y. Let Px = 2, I = 12.

(a) If price Py is too high, the consumer will not want to purchase any y. Find the lowest price Py at which the consumer ceases to purchase y.

(b) What is the demand function for good y (quantity y as a function of Py)?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9695604

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