nqi pays 45 dollars per unit of x and 30 dollars per unit of y. Her...

nqi pays 45 dollars per unit of x and 30 dollars per unit of y. Her preferences are u(x, y) = x^1/2y^1/2. Anqi's income is 1800 dollars. If she joins a price club she can purchase good x for only 20 dollars per unit. What is the maximum fee that Anqi should pay for a membership at this price club?

Expert Solution

Price of X is $ 45

Price of Y is $ 30

Utility function is U= √XY

We need to find the optimum in both cases using Lagrange method

Rahul Sunny answered 2 years ago

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nqi pays 45 dollars per unit of x and 30 dollars per unit of y. Her...

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1. Anqi pays 45 dollars per unit of x and 30 dollars per unit of y....

D(x) is the price, in dollars per unit, that consumers are willing to pay for x...

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