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djsmyers djsmyers
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6 years ago
Steve's utility for socks (q1) and other goods (q2) is given by
   U(q1,q2) = 10q1.1 q2.9
The price of the composite good is p2 = 1 and the price of a pair of socks is p1 = 2. Steve's income is Y = 100. Every year, Steve's mom buys him 20 pairs of socks. Find the equivalent variation of the gift. What is the difference between the cost of the gift and the equivalent valuation cash amount?
Textbook 
Microeconomics: Theory and Applications with Calculus

Microeconomics: Theory and Applications with Calculus


Edition: 4th
Author:
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SaHiN22SaHiN22
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