: 2, PySuppose Eric has the utility over two goods X and Y as U(X, Y) = min{2X, 3Y} and the prices and income are px =marginally increases to px, what is the total effect of this price change on good X?a. 3b. -3c. 9d. 0e. -9= 2 and I=100. Now, if the price of X

Eric utility function: .Price of good x (px) is 2 and the price of good y (py) is 2. Eric's income…

Suppose Eric has the utility over two goods X and Y as U(X, Y) = min{2X, 3Y) and the prices and income are px = 2, py= 2 and I = 100. Now, if the price of X marginally increases to px, what is the total effect of this price change on good X? O a. 3 O b. -3 O c. 9 O d. 0 O e. -9

Suppose Eric has the utility over two goods X and Y as U(X, Y) = min{2X, 3Y) and the prices and income are px = 2, py= 2 and I = 100. Now, if the price of X marginally increases to px, what is the total effect of this price change on good X? O a. 3 O b. -3 O c. 9 O d. 0 O e. -9

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

: 2, Py
Suppose Eric has the utility over two goods X and Y as U(X, Y) = min{2X, 3Y} and the prices and income are px =
marginally increases to px, what is the total effect of this price change on good X?
a. 3
b. -3
c. 9
d. 0
e. -9
= 2 and I
=
100. Now, if the price of X

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