Solution-What is his level of utility at the optimal bundle

What is his level of utility at the optimal bundle

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Reference no: EM131405592

Suppose that Tom has a utility function for two goods,X and Y, is U(X,Y)=4X^.5+Y

The price of X is $10 per unit and the price of Y is $5 per unit. Suppose that the Tom has $200 to spend.

A) Solve Tom's constrained optimization problem (i.e. what is his optimal bundle?).

B) What is his level of utility at the optimal bundle?

Reference no: EM131405592

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What is his level of utility at the optimal bundle

Reference no: EM131405592

Reference no: EM131405592

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