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Category > Economics Posted 17 May 2017 My Price 4.00

optimal consumption

A professor has preferences over tea (x) and coffee (y), represented by the utility function U (x, y) = xy. The marginal utilities for this utility function are M Ux = y and M Uy = x. Her income is $48, and the price of y is given by $2 per unit.

  1. (a) Calculate her optimal consumption basket when the price of tea is $2 per unit. 

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SuperTutor
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Status NEW Posted 17 May 2017 08:05 AM My Price 4.00

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