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It is assumed that a consumer consumes 2 goods, x and y. The consumer's utility function is U=6lnx+7lny. The income of the consumer is 26
It is assumed that a consumer consumes 2 goods, x and y. The consumer's utility function is U=6lnx+7lny. The income of the consumer is 26 TL, the price of good x is 2 TL and the price of good y is 7 TL. According to this;
a) How many goods x and y does the consumer consume in order to maximize his utility?
b) What is the marginal utility of the consumer's money?
c) Also the values you chose in the "a" option to graph this utility maximization. Draw it to show.
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