Find the optimal level, Find the optimal level of x and y

Find the optimal level

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Reference no: EM131003064

Find the optimal level of x and y if U(x,y)=10z+5y x,y>0, and Px=3, Py=1 and I=30. Describe the relationship between x and y.

If the price of y doubles, will the consumer change their choice? If so, find the new values of x and y.

Please provide a mathematical explanation NOT a graphical one.

Reference no: EM131003064

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