Iate the iollowing nas an The consumer prefers good X three as much as good Y and is willing to trade good X and good Y at a constant rate. 1. Write the consumer's utility function that represents their preferences: U(X,Y) = U=3X+Y 2. Using the information available, calculate the consumer's optimal consumption bundle. o X*= units Y*= units

Iate the iollowing nas an The consumer prefers good X three as much as good Y and is willing to trade good X and good Y at a constant rate. 1. Write the consumer's utility function that represents their preferences: U(X,Y) = U=3X+Y 2. Using the information available, calculate the consumer's optimal consumption bundle. o X= units Y= units

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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