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Business, 28.02.2020 06:09 kyllow5644

Taylor's preferences for goods x and y are given by the utility function U(x, y) = ln(x) + 3y. Use elasticity of demand to predict what will happen to her consumption of good x if the price of good x decreases by 12%. Assume an interior solution. a. 0 b. + 3% c. +6% d. + 12% e. +48%

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Taylor's preferences for goods x and y are given by the utility function U(x, y) = ln(x) + 3y. Use e...
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