Suppose that Tim gets utility from only two goods, rice (R) and beans (B) and his...

Suppose that Tim gets utility from only two goods, rice (R) and beans (B) and his preferences are represented by the utility function U(R,B) = R^2 * B^5. If Tim's income is 42 and price of rice is 1, price of beans is 3. How many units of rice and beans will he choose? Tim’s income elasticity of demand for beans? Explain clearly plz.

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Rahul Sunny answered 1 year ago

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