Elmer's Utility Function Is U(x, Y)= Min{x, Y²}

question 9

Multiple Choice

Elmer's utility function is U(x, y) = min{x, y²}.If the price of x is $15, the price of y is $20, and Elmer chooses to consume 7 units of y, what must Elmer's income be?

• A)$245
• B)$1,750
• C)$975
• D)$875
• E)There is not enough information to tell.

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