Answer to Question #350801 in Differential Equations for kevin

Question #350801

(b) A consumer has a utility function of the form; U = X.Y Where Xand Y are any two goods. Given further that; The price of goodsX (Px) = Kshs. 8 The price of good Y (Py) = Kshs. 20 Theconsumers income (I) = Kshs. 1000


(i) Calculate the number of units that the consumer should consume in order to maximize utility. (10 marks)


(ii)What is the maximum utility the consumer derives from the consumption of the two goods. (2 marks)



0
Service report
It's been a while since this question is posted here. Still, the answer hasn't been got. Consider converting this question to a fully qualified assignment, and we will try to assist. 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!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
APPROVED BY CLIENTS