Lan's utility function is U(x,y) =6.9 x².9y7.4. If the price of good X is 8.3 and Lan's optimal bundle has x*-9 units of good X and y*=1.1 units of good Y, what is the price of good Y?

Lan's utility function is U(x,y) =6.9 x².9y7.4. If the price of good X is 8.3 and Lan's optimal bundle has x-9 units of good X and y=1.1 units of good Y, what is the price of good Y?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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