Sam's utility function is x2 + y, her income is 3, the price of x is 2, and the price of y is 1. (a) What is the x value of her utility-maximizing basket? (b) What is the y value of her utility-maximizing basket? (c) What is her maximized utility?

Sam's utility function is x2 + y, her income is 3, the price of x is 2, and the price of y is 1. (a) What is the x value of her utility-maximizing basket? (b) What is the y value of her utility-maximizing basket? (c) What is her maximized utility?

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 1.3P

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Pls help me with this homework, I will upvote you…Pls answer in 7-8 sentence only…in simple words

Sam's utility function is x2 + y, her income is 3, the price of x is 2, and the price of y is 1.
(a) What is the x value of her utility-maximizing basket?
(b) What is the y value of her utility-maximizing basket?
(c) What is her maximized utility?

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