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djsmyers djsmyers
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6 years ago
Jose consumes wallets (q1) and a composite of other goods (q2). The price of wallets is p1 and the price of other goods is p2 = 1. Jose's utility from wallets depends also on his income—with a higher income, he values a wallet more because he has more to put inside it! His utility is given by the equation
   U(q1,q2) = q1Yq2
Derive Jose's demand for wallets.
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Microeconomics: Theory and Applications with Calculus

Microeconomics: Theory and Applications with Calculus


Edition: 4th
Author:
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SaHiN22SaHiN22
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