QUESTION 1 For the utility function U = Qx0.41Qy(1-0.41) and the budget 129 = 8Qx + 8Qy find the CHANGE in optimal consumption of X if the price of X increases by a factor of 1.8. Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 = 1.2, 1.14 = 1.1).

QUESTION 1 For the utility function U = Qx0.41Qy(1-0.41) and the budget 129 = 8Qx + 8Qy find the CHANGE in optimal consumption of X if the price of X increases by a factor of 1.8. Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 = 1.2, 1.14 = 1.1).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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