The utility function is given by u(x,,X2)=5ln(x1)+7ln(x2). For prices p,=2 and P2=4, what is the slope of the Engel curve (for good 2) at point x2=3.9? If your answer is not integer, round it to 2 digits after the decimal point.

The utility function is given by u(x,,X2)=5ln(x1)+7ln(x2). For prices p,=2 and P2=4, what is the slope of the Engel curve (for good 2) at point x2=3.9? If your answer is not integer, round it to 2 digits after the decimal point.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The utility function is given by u(x,oX2)=5ln(x1)+7ln(x2). For prices p,=2 and
P2=4, what is the slope of the Engel curve (for good 2) at point x2=3.9?
If your answer is not integer, round it to 2 digits after the decimal point.

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