Victor is the manager of a local bank branch in College Station where he consumes bundles of two commodities x and y. Prices in College Station are px=1 and py=5. He is offered a transfer to Dallas where prices are px=2 and py=8; Victor is guaranteed a salary in Dallas with which he would be able to buy exactly what he buys in College Station. Victor's utility function is U(x, y)=xy and his income in College Station is $5000. What happens to Victor's utility if he accepts the transfer (Victor's utility maximization is always characterized by the tangency rule)?
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Victor is the manager of a local bank branch in College Station where he consumes bundles of two com...
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