A consumer prefers to consume two commodities in fixed proportions. Specifically, she prefers to consume 1 unit of x2 and 4 units of x1​​​​​​​ at the same time. Represent her utility function and find the most preferred and affordable consumption bundle for prices p1 and p2

Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section6.A: Indifference Curve Analysis
Problem 1SQP
icon
Related questions
Question

A consumer prefers to consume two commodities in fixed proportions. Specifically, she prefers to consume 1 unit of x2 and 4 units of x1​​​​​​​ at the same time. Represent her utility function and find the most preferred and affordable consumption bundle for prices p1 and p2 

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Arrow's Impossibility Theorem
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Economics For Today
Economics For Today
Economics
ISBN:
9781337613040
Author:
Tucker
Publisher:
Cengage Learning
Microeconomic Theory
Microeconomic Theory
Economics
ISBN:
9781337517942
Author:
NICHOLSON
Publisher:
Cengage
Microeconomics A Contemporary Intro
Microeconomics A Contemporary Intro
Economics
ISBN:
9781285635101
Author:
MCEACHERN
Publisher:
Cengage
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning