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you have $2000 to spend on entertainment this year. The price of a day trip (T)is $40 and the price of pizza and a movie (M) is $ 20. Suppose that your utility function is T1/3 and M2/3. (a) what combination of T and M will you choose? (b) suppose that the price of day trip rises to $80. How will this change your decision making?

Microeconomics, Economics

  • Category:- Microeconomics
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