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Individual A has UA(XA,YA)=lnXA+2YA and has $500. PX=5 and PY =10.
(a) Find the optimum. Show that it is indeed the maximum.
(b) PX=10. Find the new optimum.
(c) Calculate the substitution and income effects in units of Y associated with this change in price.
(d) Graph your answers in (a), (b) and (c) on the same graph.
The fact that price and quantity demanded are related negatively illustrates the? a. law of supply b. law of quantity supply c. law of demand d. law of quantity demande
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