Solved: Assume the following utility function nbspuxyx05y05 income, Business Management

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Assume the following utility function nbspuxyx05y05 income

Assume the following utility function: u(X,Y)=X^0.5Y^0.5Income equals $2 and the price of each good is initially $1. If the price of X was to increase to $9, and IF WE HOLD REAL INCOME CONSTANT, then quantity of X demanded would decrease to:

A.1/3

B.1/6

C.1/9

D.1

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Business Management: Assume the following utility function nbspuxyx05y05 income

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Business Management: Assume the following utility function nbspuxyx05y05 income

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