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i need some help! i would greatly appreciate it if you could look at problem 3 from the fall 2005 midterm and give me an idea of where to start.
links here: http://people.ucsc.edu/~marion/class...ceproblems.pdf
PM or aim me, would really appreciate it.
Not an econ major.
But, I would solve for Pj.
yea done I guess I get Pj=Pi-Pd but that seems way too easy, and if thats the case I'm not even sure why a utility function is given.
If
U = log(X) + 2*log(J + D)
Then
J = sqrt(10^U/X) - D
So I expect the maths are wrong