Suppose that consumer has the following utility function: U(X,Y) = In(3X) + 2Y. What would be thedemand function for X?%3Dwhere Py and P, denote prices of goods X and Y.Px2Pywhere Pr denotes price of good X and I denotes income.3P xwhere Px and Py denote prices of goods X and Y.3Px2PYwhere Py and Py denote prices of goods X and Y.2PxPy

In financial aspects, the utility function estimates the government assistance or fulfillment of a…

Answered: where Px and Py denote prices of goods…

where Px and Py denote prices of goods X and Y. Px 2PY where Px denotes price of good X and I denotes income. 3P x 2Py where Py and Py denote prices of goods X and Y.

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

Suppose that consumer has the following utility function: U(X,Y) = In(3X) + 2Y. What would be the
demand function for X?
%3D
where Py and P, denote prices of goods X and Y.
Px
2Py
where Pr denotes price of good X and I denotes income.
3P x
where Px and Py denote prices of goods X and Y.
3Px
2PY
where Py and Py denote prices of goods X and Y.
2Px
Py

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