Given a demand function of P = 119 - 7Qd and supply of P = 38+4Qs, the utility function U = Qx0.4Q, (1-0.4) and the consumer budget Income = 5Qx + 6Qy along with the firm production function Q = K0.4 0.6 with the isocost 224 = 23K+ 13L. The economic growth factor is 1.8. What is the total utility of HH given the level of factor income? 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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Given a demand function of P = 119 - 7Qd and supply of P = 38 + 4Qs, the utility function U = Qx0.4Qy(1-0.4) and the consumer budget Income = 5Qx + 6Qy along with the firm production function Q = K0.4L0.6 with the
isocost 224 = 23K + 13L. The economic growth factor is 1.8.
What is the total utility of HH given the level of factor income?
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).
Transcribed Image Text:Given a demand function of P = 119 - 7Qd and supply of P = 38 + 4Qs, the utility function U = Qx0.4Qy(1-0.4) and the consumer budget Income = 5Qx + 6Qy along with the firm production function Q = K0.4L0.6 with the isocost 224 = 23K + 13L. The economic growth factor is 1.8. What is the total utility of HH given the level of factor income? 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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