Answer to Question #99942 in Microeconomics for Foster Kumi

Question #99942
Johnson's utility function for good X and Y is given by U(X,Y)=X²Y³. Px, Py and I are the price of good X, price of good Y consumer income respectively.
a) write the budget contraint of the consumer
b) derive the demand function for good X and Y
c) What combination of X and Y maximizes the consumer's utility at l=100, Px=2 and Py= 3?
d) Calculate the marginal rate of substitution between X and Y at equilibrium and interpret your results.
Expert's answer
Dear Foster Kumi , your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!


No comments. Be the first!

Leave a comment

Ask Your question

New on Blog