John's utility function is U(X,Y) = 5min{2x, 3Y}. If his income is 100, and the unit price of the goods X and Y are (respectively) 1 and 2, calculate the optimal consumption bundle for John.
John's utility function is U(X,Y) = 5min{2x, 3Y}. If his income is 100, and the unit price of the goods X and Y are (respectively) 1 and 2, calculate the optimal consumption bundle for John.
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.8P: Find utility functions given each of the following indifferencecurves [defined by U()=k ]: a....
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