3. You have improved your marks this year and your parents are impressed and wish to reward you for your efforts. You have convinced them that your lifestyle (level of utility) should be 360,000 utils. Given your total utility function as TU = 20XY and the price of Y is $10 and the price of X is $50, what is the income you require to achieve a lifestyle of 360,000 utils. Show work.

3. You have improved your marks this year and your parents are impressed and wish to reward you for your efforts. You have convinced them that your lifestyle (level of utility) should be 360,000 utils. Given your total utility function as TU = 20XY and the price of Y is $10 and the price of X is $50, what is the income you require to achieve a lifestyle of 360,000 utils. Show work.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 16SQ

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