The optimal amount of x1, x2, P1, P2 and income are given by the following: 3 41 1 6P X= 1 21 2 6P 2 The original prices are: P1=18 P2=14 The original income is: 1=4938 The new price of P₁ is the following: P1'=57 Assume that the price of x₁ has changed from P1 to P1'. What is the optimal quantity of x1 at the new income l' *C in the notes) and the P1' ? (hint: this question is asking you obtain x1 Selected Answer: Correct Answer: [None Given] 141.18± 5%
The optimal amount of x1, x2, P1, P2 and income are given by the following: 3 41 1 6P X= 1 21 2 6P 2 The original prices are: P1=18 P2=14 The original income is: 1=4938 The new price of P₁ is the following: P1'=57 Assume that the price of x₁ has changed from P1 to P1'. What is the optimal quantity of x1 at the new income l' *C in the notes) and the P1' ? (hint: this question is asking you obtain x1 Selected Answer: Correct Answer: [None Given] 141.18± 5%
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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