If utility is given by U(x,y)= Min (x,3y)then the bundle (3,2)provides the same utility as the bundle
A)(1,3).
B)(2,3).
C)(4,1).
D)(4,2).

Name: If utility is given by U(x,y)= Min (x,3y)then the bundle (3,2)provides the same utility as the bundle A)(1,3). B)(2,3). C)(4,1). D)(4,2).
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Question

Quizplus · Accepted Answer

The utility of the bundle (3,2) is Min(3, 3*2) = Min(3, 6) = 3. For the bundle (4,1), the utility is Min(4, 3*1) = Min(4, 3) = 3, which is the same as the utility of the bundle (3,2).

If Utility Is Given by U(x,y)= Min (X,3y)then the Bundle