Question
U (x, y) = min(x, 5y) is the utility function of the consumer. In addition, Px= 1, Py= 3 and M = 8. If the
U (x, y) = min(x, 5y) is the utility function of the consumer. In addition, Px= 1, Py= 3 and M = 8. If the consumer is maximising the utility, how many units of good x and how many of good y will the consumer buy?
a) x=4; Y=4/3
b) x=0; Y=8/3
c) x=8; Y=0
d) None of the above
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Global Capitalism Its Fall And Rise In The Twentieth Century
Authors: Jeffry Frieden
1st Edition
039332981X, 9780393329810
