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9) A consumer has a Cobb-Douglas utility function 1/4 U(X1,x2) = x/*x* where x1, x2 denote the consumption of cars and j
Posted: Thu May 19, 2022 8:42 am
by answerhappygod
- 9 A Consumer Has A Cobb Douglas Utility Function 1 4 U X1 X2 X X Where X1 X2 Denote The Consumption Of Cars And J 1 (15.98 KiB) Viewed 74 times
9) A consumer has a Cobb-Douglas utility function 1/4 U(X1,x2) = x/*x* where x1, x2 denote the consumption of cars and jets, respectively. The prices of the goods are pl, p2 and the consumer's income is m. a) Find the demand functions for cars and jets that maximise the consumer's utility. b) Confirm that your answer to (a) represents a constrained maximum