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3.4 Constrained Application: Recorded tracks and live music 0.4 0.6 U = ● - Utility function: Budget constraint: Optimal choice: Consumer Choice 0 Y=30=0.59₁ +92 = P₁9₁ +P₂92 9₁ = 24,9₂ = 18

3.4 Constrained Application: Recorded tracks and live music 0.4 0.6 U = ● - Utility function: Budget constraint: Optimal choice: Consumer Choice 0 Y=30=0.59₁ +92 = P₁9₁ +P₂92 9₁ = 24,9₂ = 18

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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explain how they find the quantities using MRS = MRT 

3.4 Constrained ● Consumer Choice Application: Recorded tracks and live music 0.4 0.6 U = - Utility function: Budget constraint: - Optimal choice: Y=30=0.5q₁ +92 = P₁9₁ + P₂92 9₁ = 24,9₂ = 18
Transcribed Image Text:3.4 Constrained ● Consumer Choice Application: Recorded tracks and live music 0.4 0.6 U = - Utility function: Budget constraint: - Optimal choice: Y=30=0.5q₁ +92 = P₁9₁ + P₂92 9₁ = 24,9₂ = 18
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