Q = 2X10.4 + X2 400 = 2X1 + 4X2 1 Given the utility function and...

Q = 2X₁^0.4 + X₂ 400 = 2X₁ + 4X₂

1

Given the utility function and budget constraint, what is the optimal amount of X1? (one decimal place)

2.

Given the utility function and budget constraint, what is the optimal amount of X2? (one decimal place)Bottom of Form

3.

What is the value of utility at this optimal bundle?

4

This is a quasilinear utility function.

True

False

Expert Solution

Rahul Sunny answered 2 years ago

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