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Complete the given table

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Reference no: EM131166106

Suppose a consumer's preference are represented by the utility function

U(X, Y) = MIN (2X, Y)

Also, suppose the consumer has $180 to spend (M = $180), PY = 1, and that they spend all of their money on goods X and Y. Also, assume the consumer maximizes their utility subject to their budget constraint. Complete the following table:

PX

Quantity Demanded of X

$1

 

$2

 

$3

 

Reference no: EM131166106

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