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Consider the utility function U(x, y) = x3y2 with the price of X equal to 3 and the price of Y equal to 4. Income devoted to the purchase of x and y is $36.
1) Find the equilibrium quantities of X and Y. (Use the LaGrange Method)
2) Using the budget constraint and utility function graph what this looks like.
3) What happens to equilibrium quantities of X and Y if income increases to $144. (Use the LaGrange Method)
4) What happens to equilibrium quantities of X and Y if the price of X increases to $12 and income remains at $144?
5) Does MRS = Price Ratio?
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