question archive According to the U
According to the U
Subject:EconomicsPrice: Bought3
According to the U.S. Bureau of Labor Statistics, in 2018, average annual consumer expenditures were $1,687 on education, $4,612 on health care, and $3,780 on entertainment. Given that a person buys only these three goods, estimate the person's Cobb-Douglas utility function for these three goods The person's Cobb-Douglas utility function, where ED is education, His health care and EN is entertainment, is U(ED, H, EN)= (Round the exponents in your response to two decimal places)
