Carlos has a utility function u(x,y) = min ( 4x, y} and an income of M. Let the price of good x and good y be $2.5 a unit. Find the consumer's optimal demand for good x? O M/6.5 O M/12.5 O M/14.4 O M/24
Carlos has a utility function u(x,y) = min ( 4x, y} and an income of M. Let the price of good x and good y be $2.5 a unit. Find the consumer's optimal demand for good x? O M/6.5 O M/12.5 O M/14.4 O M/24
Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 6QP
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