Preferences are represented by the utility function

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Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u (xy)= lnx + 2 ln y (MUx=1/x, MUy=2/y).

Derive his demand functions for x and y.

Reference no: EM13736863

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