Compute the consumer''s demand function

Reference no: EM13176098

1. Let u(x,y) = x1/3y2/3 and let I = 100, Px = Py = 1. Write the FOC for the consumer's UMP and compute the consumer's demand function.

2. Let U(x,y)=5x+4y and let I denote income and Px,Py the prices of the goods. Compute the demand functions for goodx and y when I=100 and Px=1=Py.

Reference no: EM13176098

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Compute the consumer''s demand function : Let u(x,y) = x1/3y2/3 and let I = 100, Px = Py = 1. Write the FOC for the consumer's UMP and compute the consumer's demand function. Let U(x,y)=5x+4y and let I denote income and Px,Py the prices of the goods. Compute the demand functions for good..

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