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Utility function U=min (5x,y) find demand function

Utility function U=min (5x,y) find demand function

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Answer #1

Here, Utility Function: U = min(5x,y)

Now, for demand function:

Budget Constraint:

Here, also 5x=y

So, now put value of y in above equation:

Now put value of x in 5x = y:

So, demand function: (x,y) = (, ) = (x, 5x)

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