Abduls Utility Is U(X A, Y A)= Min{X A, Y

question 27

Multiple Choice

Abduls utility is U(X A, Y A) = min{X A, Y A}, where X A, and Y A are his consumptions of goods X and Y respectively.Babettes utility function is U(X B, Y B) = X B Y B, where X B and Y B are her consumptions of goods X and Y.Abduls initial endowment is no units of Y and 6 units of X.Babettes initial endowment is no units of X and 10 units of Y.If X is the numeraire good and p is the price of good Y, then supply will equal demand in the market for Y if

• A)6/(p + 1)+ 5 = 10.
• B)10/6= p.
• C)10/(p + 1)+ 3 = 10.
• D)min{6, 10} + 6/2p = 10.
• E)min{6, 10} + 10/2p = 10.

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