The optimal amount of x1, x2, P1, P2 and income are given by the following: 3 41 1 6P X= 1 21 2 6P 2 The original prices are: P1=18 P2=14 The original income is: 1=4938 The new price of P₁ is the following: P1'=57 Assume that the price of x₁ has changed from P1 to P1'. What is the optimal quantity of x1 at the new income l' *C in the notes) and the P1' ? (hint: this question is asking you obtain x1 Selected Answer: Correct Answer: [None Given] 141.18± 5%
The optimal amount of x1, x2, P1, P2 and income are given by the following: 3 41 1 6P X= 1 21 2 6P 2 The original prices are: P1=18 P2=14 The original income is: 1=4938 The new price of P₁ is the following: P1'=57 Assume that the price of x₁ has changed from P1 to P1'. What is the optimal quantity of x1 at the new income l' *C in the notes) and the P1' ? (hint: this question is asking you obtain x1 Selected Answer: Correct Answer: [None Given] 141.18± 5%
Chapter1: Making Economics Decisions
Section: Chapter Questions
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![The optimal amount of x1, x2, P1, P2 and income are given by the following:
X
41
6P
1
X
21
2 6P
2
The original prices are: P₁-18 P2=14
The original income is: 1=4938
The new price of P1 is the following: P1'=57
Assume that the price of x1 has changed from P1 to P1'. What is the optimal quantity of x1 at the new income l'
*C
and the P1' ? (hint: this question is asking you obtain x1 in the notes)
Selected Answer:
Correct Answer:
[None Given]
141.18± 5%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F12d19418-da3f-4141-9346-724a8e4271d4%2Fc97dcc10-6170-442c-8a0d-53894466e2e0%2Fn6hwmcn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The optimal amount of x1, x2, P1, P2 and income are given by the following:
X
41
6P
1
X
21
2 6P
2
The original prices are: P₁-18 P2=14
The original income is: 1=4938
The new price of P1 is the following: P1'=57
Assume that the price of x1 has changed from P1 to P1'. What is the optimal quantity of x1 at the new income l'
*C
and the P1' ? (hint: this question is asking you obtain x1 in the notes)
Selected Answer:
Correct Answer:
[None Given]
141.18± 5%
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