Answer to Question #331739 in Microeconomics for Jeff

Question

Let U(X,Y)=X+ln(Y).  Show the effect of P_y on X (i.e., ∂X/∂P_y) and the effect of P_x on Y (i.e., ∂Y/(∂P_x), where P_x and P_y are prices of X and Y, respectively. Are ∂X/∂P_y and ∂Y/∂P_x the same? Specifically, are X and Y substitutes or complements? Why? 

Answer 1

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