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A consumer has the following utility function: U = 2 X+4Y. The price of X is $1, and the price of Y is P. The consumer's income is $10. Derive the demand for Y as a function of P.

A consumer has the following utility function: U = 2 X+4Y. The price of X is $1, and the price of Y is P. The consumer's income is $10. Derive the demand for Y as a function of P.

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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A consumer has the following utility function: U = 2 X+4Y. The price of X is $1, and the price of Y is P. The consumer's income is $10. Derive the demand for Y as a function of P.
Transcribed Image Text:A consumer has the following utility function: U = 2 X+4Y. The price of X is $1, and the price of Y is P. The consumer's income is $10. Derive the demand for Y as a function of P.
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