Consider a consumer with the utility function u(x1,x2) = x11/3 x22/3. a. Find the Marginal Utility for each good. b. Find the slope of one of this consumer's indifference curves c. Write down the consumer's budget constraint.
Consider a consumer with the utility function u(x1,x2) = x11/3 x22/3. a. Find the Marginal Utility for each good. b. Find the slope of one of this consumer's indifference curves c. Write down the consumer's budget constraint.
Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 6QP
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Question
Consider a consumer with the utility function u(x1,x2) = x11/3 x22/3.
a. Find the
b. Find the slope of one of this consumer's indifference
c. Write down the consumer's budget constraint.
d. What is the slope of this consumer's budget constraint? Show how you derived your answer
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