1. Suppose a consumer's utility function is given by U(X,Y) = MIN (3X, Y).The price of X is PX= 2, and the price of Y is PY= 1.If the consumer has $40 to spend, what is the consumer's optimal bundle?
2. Suppose a consumer's utility function is given by U(X,Y) = X2*Y.If the consumer has the bundle X = 2 and Y = 4, the consumer's marginal utility of X is equal to___.Please round your answer to two decimal places.
3. Suppose there are two goods available, Good X and Good Y.The price of Good X is PX= $4.The price of Good Y is PY= $5.If the horizontal intercept of the budget constraint is 60, how much money does the consumer have available to spend?(Enter only a number, do NOT enter a "$" sign.)
4. Suppose a consumer has the following demand curve:Q = 120 - 4P.What is the ABSOLUTE VALUE of the Price Elasticity of Demand when P = 6?Round your answer to two decimal places.
5. A monopolist does not have a supply curve. True or False