Ricky has utility function u=x?y. This implies that MUx=2xy. MUy=x². His income is 100. The price of y is 10. (a) Find his demand for x at price 20. (b) Find his demand for x at price 30. (c) Write down his demand function for x: that is, write down his demand for x as a function of the price of x.
Ricky has utility function u=x?y. This implies that MUx=2xy. MUy=x². His income is 100. The price of y is 10. (a) Find his demand for x at price 20. (b) Find his demand for x at price 30. (c) Write down his demand function for x: that is, write down his demand for x as a function of the price of x.
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 8QFR
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![Ricky has utility function u=x'y. This implies that MUx=2xy. MUy=x². His income is
100. The price of y is 10.
(a) Find his demand for x at price 20.
(b) Find his demand for x at price 30.
(c) Write down his demand function for x: that is, write down his demand for x as a
function of the price of x.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F851c5363-3281-4f83-bdff-950f94d5ead9%2Fe2e3e2de-ed41-4f88-9655-40413386f2a8%2Fm6og568_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Ricky has utility function u=x'y. This implies that MUx=2xy. MUy=x². His income is
100. The price of y is 10.
(a) Find his demand for x at price 20.
(b) Find his demand for x at price 30.
(c) Write down his demand function for x: that is, write down his demand for x as a
function of the price of x.
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