Question
Suppose Lori consumes apples (x) and oranges (y) and has utility U(x,y)=3xy. The price of apples is px=2 and the price of oranges is py=1.
Suppose Lori consumes apples (x) and oranges (y) and has utility U(x,y)=3xy. The price of apples is px=2 and the price of oranges is py=1.
What is Lori's optimal bundle given that his income is M=24 ?
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Issues in Economics Today
Authors: Robert C. Guell
8th edition
1259746399, 1259746390, 978-1259746390
