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Cobb-douglas utility function

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Reference no: EM131382589

1. Suppose Kevin has the Cobb-Douglas utility function u(x; y) =(x^a)(y^1-a), where 0<a<1  ,  x >0 and y > 0. His budget constraint is px+y=m.

a) Solve for Kevin's demand function x(p).

b) Explain why his demand curve is decreasing in p.

Reference no: EM131382589

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