Max's Utility Function Is U = 6XY, Where the MU_X

question 1

Essay

Max's utility function is U = 6XY, where the MU_X = 6Y and MU_Y = 6X. The prices of good X and good Y are $12 and $15, respectively. Suppose that Max's indifference curve is tangent to his budget constraint, where he is consuming 20 units of good X. How many units of good Y must Max be consuming?

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Definitions:

Cash Flow

The aggregated sum of money being circulated in and out of a firm, importantly influencing its liquid financial resources.

Creditors

Entities or individuals that lend money or extend credit to others, expecting repayment in the future.

Stockholders

Individuals or entities that own shares of a corporation, giving them certain rights and potential for profit in the form of dividends and stock value appreciation.

Net Capital Spending

The total spending on new capital assets minus the sales of disposed or obsolete assets.