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Satisfaction of consumer for buying goods

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Reference no: EM131567123

Question: If a household consumes x units of one good and y units of a second good, its satisfaction is measured by the function s(x, y) = 2 ln x + 4 ln y. Suppose that the household presently consumes 20 units of the first good and 30 units of the second.

(a) What is the approximate increase in satisfaction from consuming one extra unit of the first good?

(b) What is the approximate increase in satisfaction from consuming one extra unit of the second good?

Reference no: EM131567123

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