Suppose that consumer has the following utility function: U(X,Y) - X1/2y1/4. Suppose also that P2, P -3 and 1=144. What would be the optimal consumption of X and Y at the equilibrium.respectively?36, 2412,4024,3248.16

Given information: U = X1/2 Y1/4 --------> Utility function Price of X (Px) = 2 Price of Y (Py) =…

Suppose that consumer has the following utility function: U(X,Y)= X1/2y1/4. Suppose also that Px 2,Py-3 and 1-144. What would be the optimal consumption of X and Y at the equilibrium, espectively? 36, 24 12,40 24, 32 48, 16

Suppose that consumer has the following utility function: U(X,Y)= X1/2y1/4. Suppose also that Px 2,Py-3 and 1-144. What would be the optimal consumption of X and Y at the equilibrium, espectively? 36, 24 12,40 24, 32 48, 16

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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