Microeconomics Quiz
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COMPETITIVE MARKETS: SUPPLY, DEMAND & WELFARE
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A consumer's preferences for goods X and Y can be represented by the utility function U(X,Y)=X0.2Y0.8U(X,Y) = X^{0.2}Y^{0.8}. The consumer has an income of $400. Currently, the price of X is $2 and the price of Y is $8. If the price of X increases to $4, what will be the consumer's total expenditure on good Y?
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