A consumer has S600 to spend on good x and y. Her preferences can be represented by the utility function U(x,y)= y+100 In x If the price of one unit of good x is $10 and the price of one unit of good y is $5, what is the consumer optimal bundle?
A consumer has S600 to spend on good x and y. Her preferences can be represented by the utility function U(x,y)= y+100 In x If the price of one unit of good x is $10 and the price of one unit of good y is $5, what is the consumer optimal bundle?
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 6QP
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