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Thereforewhentheutilitylevelisfixedat10andx50y10050

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Unformatted text preview: = A(X)a (Y)b is known as a Cobb Douglas utility function. When the utility level is fixed at 10 and X = 50, we need to search for Y, such that 500 .5 Y0 .5 = 10, or 50Y = 100. Therefore, when the utility level is fixed at 10 and X = 50, Y = 100 / 50. Note that http://e z to.mhe c loud.mc gr a w- hill.c om/hm.tpx? todo= pr intvie wSingle 1/2 1/21/2014 Assignme nt Pr...
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