Mathematics, 25.03.2020 00:10 gudon986732
Consider a consumer who consumes two goods and has utility function u(x1, x2) = x2 + √ x1. Income is m, the price of good 2 is 1, and the price of good 1 changes from p to (1+t)p. Compute the compensating variation, the equivalent variation, and the change in consumer’s surplus for a change in the price of good 1, holding income and the price of good 2 fixed.
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Consider a consumer who consumes two goods and has utility function u(x1, x2) = x2 + √ x1. Income is...
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