Leo's utility function is U=min(2.4x,9.8y). Leo's income is 135.8 dollars, the price of good X is 4.9 and the price of good Y is 8.3. What is the slope of Leo's income expansion path, dy/dx ?
Leo's utility function is U=min(2.4x,9.8y). Leo's income is 135.8 dollars, the price of good X is 4.9 and the price of good Y is 8.3. What is the slope of Leo's income expansion path, dy/dx ?
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Theory Of Consumer Choice
Section21.1: The Budget Constraint: What The Consumer Can Afford
Problem 1QQ
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![Leo's utility function is U=min (2.4x,9.8y). Leo's income is 135.8 dollars, the price of good X is 4.9 and the price of good
Y is 8.3. What is the slope of Leo's income expansion path, dy/dx ?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F04536e59-763c-440c-af8f-4a3fc9711a35%2F36ac5bd9-d8c4-4ed1-bc79-ec3596231d2b%2F0bktsz2_processed.png&w=3840&q=75)
Transcribed Image Text:Leo's utility function is U=min (2.4x,9.8y). Leo's income is 135.8 dollars, the price of good X is 4.9 and the price of good
Y is 8.3. What is the slope of Leo's income expansion path, dy/dx ?
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