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April 16, 2014

Homework Help: Economics

Posted by Brett on Tuesday, September 18, 2007 at 7:58pm.

Ive been stuck on this forever now if someone could please walk me through it i was appreciate it:

1: Suppose John had a utility function of U=X^2/3Y^1/3 . Derive Johns demand function from his utility function showing all the necessary steps.

i know that the MUx=MUy and first i derive the equation to
2/3X^-1/3 1/3Y^-2/3

then im stuck i dont know what hes asking or how to simplify it do i just solve for X and Y? help please!

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