Suppose Marcel's preferences over consumption bundles (X, Y) can be represented by the utility function U(X, Y) = X³Y. Which of the following expressions gives Marcel's Marshallian demand? (a) (X*, Y*) = (b) (X*,Y*) = (c) (X*,Y*) = (1/₂0) PX (d) (X*, Y*) = = 31 I 3px+py' 3px+py = (e) (X*,Y*) = Ipy Ipx PX (Px+py)' py (Py+PX) 3 I (¹¹) 4 px py I 31 px+4py' 4px+py

Suppose Marcel's preferences over consumption bundles (X, Y) can be represented by the utility function U(X, Y) = X³Y. Which of the following expressions gives Marcel's Marshallian demand? (a) (X, Y) = (b) (X,Y) = (c) (X,Y) = (1/₂0) PX (d) (X, Y) = = 31 I 3px+py' 3px+py = (e) (X,Y) = Ipy Ipx PX (Px+py)' py (Py+PX) 3 I (¹¹) 4 px py I 31 px+4py' 4px+py

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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