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OpenStudy (anonymous):
commodities x and y are perfect complements and the utility function is given by u =min(x,3y) price of x is 2 price of y is 1 income =140 find equilibrium level of consumption
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OpenStudy (anonymous):
x=3y and 2x+y=140 solving the 2, v get 7y=140 y=20 & x=60
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