Consider a function with the utility function U(X,Y) = 5Min(X,Y), where Min is the minimum of the two values of X and Y.
If the prices of the two goods are Px = $8 and Py = $4, and the consumer income is $120, find the optimum consumption basket. What is the level of utility at the optimum basket?
*Consider a CONSUMER with the utility function blahblahblah, not a function with the utility function. Just fyi.
If the prices of the two goods are Px = $8 and Py = $4, and the consumer income is $120, find the optimum consumption basket. What is the level of utility at the optimum basket?
*Consider a CONSUMER with the utility function blahblahblah, not a function with the utility function. Just fyi.