10 Suppose Lan's utility function is U₁(x,y) =x₁6y₁¹0 and Dan's utility function is U₁(x,y)=xD³y5, where x; and y₁ den respectively the amount of good X and of good Y consumed by person i, i=L, D. A total of 44 of each good is available and it is to be divided efficiently between Lan and Dan. How many units of should Lan get if we give Dan 14 units of good Y such that the allocation is efficient? Enter the value of this amou good X below.

10 Suppose Lan's utility function is U₁(x,y) =x₁6y₁¹0 and Dan's utility function is U₁(x,y)=xD³y5, where x; and y₁ den respectively the amount of good X and of good Y consumed by person i, i=L, D. A total of 44 of each good is available and it is to be divided efficiently between Lan and Dan. How many units of should Lan get if we give Dan 14 units of good Y such that the allocation is efficient? Enter the value of this amou good X below.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics

Section: Chapter Questions

Problem 5QP

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