Jenny's income is 232. Her utility function is given by U = x+8.2y. Assuming the price of good X is 1 and the price of good Y increases from 2.7 to 17.3, find the change in the amount of good X Jenny buys and enter it below. (Note well: "change = new value - old value = after value - before value" ....) and enter this value below. (Hint: Use a graph.)

Jenny's income is 232. Her utility function is given by U = x+8.2y. Assuming the price of good X is 1 and the price of good Y increases from 2.7 to 17.3, find the change in the amount of good X Jenny buys and enter it below. (Note well: "change = new value - old value = after value - before value" ....) and enter this value below. (Hint: Use a graph.)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter4: Utility Maximization And Choice

Section: Chapter Questions

Problem 4.2P

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