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You have 8 midgets (M) and 12 dwarves (D). The price of midgets is $10 each, and the price of dwarves is $11 each. If your utility function for midgets and dwarves is given by U(M,D)=.5M + .6D, what will your optimal consumption of MIDGETS be (note: not only are fractional midgets allowed, they're actually strong encouraged).

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9500245

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