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A consumer's utility function is U(x, y) = 2xy2 . The price of x is Px, the price of y is Py, and the consumer's income is I. (x and y do not have to be integers.)
a) Derive the equation of the consumer's demand curve for x.
b) With y on the vertical axis and x on the horizontal axis, draw a price-consumptioncurve when the price of x changes.
c) Suppose the consumer has income I = 150 and faces prices Px = 5 and Py = 10.What is the optimal basket?
Calculate the income and substitution effects (withrespect to x) when Px increases to 8.
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A major step toward mastering the economic way of considering is learning to reason in terms of supply and demand. I have listed many questions below to answer and practice these ideas.
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