Suppose That U(x,y) = Min(3x,y)

question 17

Multiple Choice

Suppose that U(x,y) = min(3x,y) . Further suppose that P_x = $5 per unit and P_y = $10 per unit and income is I = $105. For this consumer, the optimal basket to buy would be

• A) (x,y) = (9,3)
• B) (x,y) = (3,1)
• C) (x,y) = (1,3)
• D) (x,y) = (3,9)

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Definitions:

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The act of allocating resources, usually financial capital, in the expectation of generating an income or profit.