Suppose consumers use k units of good X and w units of good Y in fixed proportion. Then, which of the following utility function represents this preference? X Y U(X,Y) = min{,. k' O U(X,Y) = kX + wY. O UCX.Y) = min. )U(X,Y) = wX + kY.

Suppose consumers use k units of good X and w units of good Y in fixed proportion. Then, which of the following utility function represents this preference? X Y U(X,Y) = min{,. k' O U(X,Y) = kX + wY. O UCX.Y) = min. )U(X,Y) = wX + kY.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

ChapterE: Budget Constraint And Indifference Curve Analysis

Section: Chapter Questions

Problem 3QP

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Question

Suppose consumers use k units of good X and w units of good Y in fixed proportion. Then, which of the
following utility function represents this preference?
X Y
U(X,Y) = min.
k'w
O U(X,Y) = kX + wY.
X Y
O U(x.Y) = min.
) U(X,Y) = wX + kY.

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