Jane's Utility Function Is U(x, Y)= X +2y, Where X

question 2

Multiple Choice

Jane's utility function is U(x, y) = x +2y, where x is her consumption of good X and y is her consumption of good Y.Her income is $2.The price of Y is $2.The cost per unit of X depends on how many units she buys.The total cost of x units of X is the square root of x.

• A)The bundle (1/4, 3/4)is Jane's utility maximizing choice, given her budget.
• B)The bundle (1, 1/2)is Jane's utility maximizing choice, given her budget.
• C)Given her budget, Jane would maximize her utility by spending all of her income on good X.
• D)Given her budget, Jane would maximize her utility by spending all of her income on good Y.
• E)None of the above.

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Definitions:

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