Suppose the utility function of a person consuming two commodities X and Y with income Birr 600 is given by U =2xy. If the per unit price of X is Birr 20 and per unit price of Y is Birr 40. Calculate the utility maximizing level of consumption of X and Y and Find the MRSX, Y at the optimum
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SOLVED:A consumer has the utility function U(x, y)=10 x^(1)/(2) y^(2)/(5) where x and y are two goods with prices px=2 and py=3 respectively. Find how a rise in income from 60 to 70 will affect the quantities x and y of the goods that she should purchase in order to maximise utility.
SOLVED:A consumer has the utility function U(x, y)=10 x^(1)/(2) y^(2)/(…
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