Order the answer to: Madison’s preferences are represented by…
| Question | Madison’s preferences are represented by the utility function U(X, Y) = A? ln (X) + B? ln(Y), where ln stands for the natural logarithm. What is her demand for X as a function of her income M and the prices of X and Y, PX and PY? What share of her budget does she spend on X? What share on Y? What is the elasticity of her demand for X with respect to PX? With respect to PY? |
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| Subject | business-economics |
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