Answered: Jane's utility function is U=X^2Y^8 ,…

Jane's utility function is U=X^2Y^8 , with marginal utilities being MUX=2XY^8 and MUY=8X^2Y^7. Prices are PX=1 and PY=3. Jane's income is I=120. What is the optimal consumption of X?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics

Section: Chapter Questions

Problem 1WNG

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