Mike consumes two commodities x and y, and his utility function IS min{x + 2y. y +

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Mike consumes two commodities x and y, and his utility function IS min{x + 2y. y + 2x}. He chooses to buy 8 units of good x and 16 units of good y The price of good y is 5.50 What is his income? 0 532 '3 $40 '3 524 Q 516 (:j Mike's income cannot be found unless the price of x is given too

Posted Date: Jun 13, 2024 01:20 PM

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Mike consumes two commodities x and y, and his utility function IS min{x + 2y. y +

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