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
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Chapter6: Consumer Choice And Demand
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1. A consumer has 12 dollars. The price of x is 4 dollars, and the price of y
is 6 dollars.
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).
(a)
(b)
Transcribed Image Text:1. A consumer has 12 dollars. The price of x is 4 dollars, and the price of y is 6 dollars. 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). (a) (b)
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