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Veronica likes to plant owers in pots and she views soil [x] and pots (y) as perfect complements. She must have 4 units of x
Veronica likes to plant owers in pots and she views soil [x] and pots (y) as perfect complements. She must have 4 units of x for every 1 unit of y. Which of the following could describe her utility? O U=x+025y O U=D.25x+y O U=min[x,0.25v) O U=min[0.25x,y] Consider a utility function for perfect complements, U=min(2x,y). Assume that the price of x is equal to $1, the price of y is equal to $2 and income is equal to 30. What is the optimal amount of x that this person should consume? [Note this question is only asking about the optimal amount of x. You don't need to provide the optimal amount of y.] 42 pts Question 4 Consider the utility function U = In a + y. What is the equation for the optimal consumption of y in terms of Pr; Py; I. Oy = I-PE Px I-Px Py O I-Py O I-Py y = PyQuestion 5 2 pts Consider again the utility function U = In a + y. If the price of x is 2 and the price of y is 1, how much income does this person have to have to be able to afford the optimal x
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