1. A consumer has 12 dollars. The price of x is 4 dollars, and the price of y is 6 dollars. (a) (b) Write down the consumer's budget constraint. If the consumer has a utility function, u(x, y) = x0.4y0.6, find the demanded bundle(s). (c) If the consumer has a utility function, u(x, y) = min{2x, y}, find the demanded bundle(s).
1. A consumer has 12 dollars. The price of x is 4 dollars, and the price of y is 6 dollars. (a) (b) Write down the consumer's budget constraint. If the consumer has a utility function, u(x, y) = x0.4y0.6, find the demanded bundle(s). (c) If the consumer has a utility function, u(x, y) = min{2x, y}, find the demanded bundle(s).
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 6QFR
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