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The price of good x is px and price of good yis py deduce

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Reference no: EM13393241

(a) Given the following monotonically transformed utility function faced by the consumer

lnU(X, Y) = 0.5lnX+0.5 lnY

The price of good X is Px and the price of good Yis Py. Derive the optimal demand (Marshallian demand) function for X and for Y.

Reference no: EM13393241

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