Question
Suppose a consumer's preferences are represented by the utility function U(X,Y) = MIN (X,3Y). Also, suppose the consumer has $280 to spend (M = $280),
Suppose a consumer's preferences are represented by the utility function
U(X,Y) = MIN (X,3Y).
Also, suppose the consumer has $280 to spend (M = $280), PY= 1, and that they spend all of their money on goods X and Y.Also, assume the consumer maximizes their utility subject to their budget constraint.Find the Q's when Px=$1,$2 and$3.
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Managerial Economics
Authors: Paul Keat, Philip K Young, Steve Erfle
7th edition
0133020266, 978-0133020267
