For the utility function U = (Qx0.5+Q,0.5)2 and the budget 122= 8Qx + 8Qy find the CHANGE in optimal consumption of X if the price of X increases by a factor of 1.7. Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 1.2, 1.14 = 1.1).
For the utility function U = (Qx0.5+Q,0.5)2 and the budget 122= 8Qx + 8Qy find the CHANGE in optimal consumption of X if the price of X increases by a factor of 1.7. Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 1.2, 1.14 = 1.1).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![For the utility function U = (Qx0.5+Q,0.5)2 and the budget 122= 8Qx + 8Qy find the CHANGE in optimal consumption of X if the price of X increases
by a factor of 1.7.
Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 1.2, 1.14 = 1.1).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb78e7b49-df18-4e5b-b4a8-442e5d53b8a4%2F6a4b9bab-24dd-4198-931f-d044fc8521ec%2F70zsxcr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:For the utility function U = (Qx0.5+Q,0.5)2 and the budget 122= 8Qx + 8Qy find the CHANGE in optimal consumption of X if the price of X increases
by a factor of 1.7.
Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 1.2, 1.14 = 1.1).
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