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QUESTION
Suppose a consumer's utility function is U(X, Y)=X+2Y. The consumer has $8 to spend M=8. The price of good Y is Py=$2. What's the demand of good X
Suppose a consumer's utility function is U(X, Y)=X+2Y. The consumer has $8 to spend M=8. The price of good Y is Py=$2. What's the demand of good X respectively when Px=1/4, 1/2, 2 and 4 dollars?
