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3. You have improved your marks this year and your parents are impressed and wish to reward you for your efforts. You have convinced them that your lifestyle (level of utility) should be 360,000 utils. Given your total utility function as TU = 20XY and the price of Y is $10 and the price of X is $50, what is the income you require to achieve a lifestyle of 360,000 utils. Show work.

3. You have improved your marks this year and your parents are impressed and wish to reward you for your efforts. You have convinced them that your lifestyle (level of utility) should be 360,000 utils. Given your total utility function as TU = 20XY and the price of Y is $10 and the price of X is $50, what is the income you require to achieve a lifestyle of 360,000 utils. Show work.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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3. You have improved your marks this year and your parents are impressed and wish to reward you for your efforts. You have convinced them that your lifestyle (level of utility) should be 360,000 utils. Given your total utility function as TU = 20XY and the price of Y is $10 and the price of X is $50, what is the income you require to achieve a lifestyle of 360,000 utils. Show work. Optimal combination of Y and X: Y and Required income to achieve 360,000 utils:
Transcribed Image Text:3. You have improved your marks this year and your parents are impressed and wish to reward you for your efforts. You have convinced them that your lifestyle (level of utility) should be 360,000 utils. Given your total utility function as TU = 20XY and the price of Y is $10 and the price of X is $50, what is the income you require to achieve a lifestyle of 360,000 utils. Show work. Optimal combination of Y and X: Y and Required income to achieve 360,000 utils:
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