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*Y. Thus, the marginal utility of X, MUx… Show more Suppos

Paper help Economics *Y. Thus, the marginal utility of X, MUx… Show more Suppos

Economics

*Y. Thus, the marginal utility of X, MUx… Show more Suppos

*Y. Thus, the marginal utility of X, MUx… Show more Suppose a consumer’s preferences are given by U(X,Y) = X 2 *Y. Thus, the marginal utility of X, MUx = 2XY and the marginal utility of Y, MUy = X 2 . Suppose the consumer has $180 to spend and the price of good Y is $1. Sketch the price-consumption curve for the prices of Px = $1 Px = $2 Px = $3 To do this, carefully draw the budget constraints associated with each of the prices for good X, and indicate the bundle that the consumer chooses in each case. Also, be sure to label your graph accurately. • Show less

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