Example 1 • A consumer consuming two commodities X and Y has the following utility function U= X1.5Y. If the price of the two commodities are 3 and 4 respectively and his/her budget is birr 100. a. Find the quantities of good X and Y which will maximize utility. b. Total utility at equilibrium. c. Find the MRSxy at optimum point
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Sir what if there are 3 commodities, and their prices are Px Py Pz in the demand equation of X. Then How to calculate Cross elasticity for commodity X
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Example 1
• A consumer consuming two commodities X and Y has the following utility function U= X1.5Y. If the price of the two commodities are 3 and 4 respectively and his/her budget is birr 100.
a. Find the quantities of good X and Y which will maximize utility.
b. Total utility at equilibrium.
c. Find the MRSxy at optimum point
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Keep it up sir