Ron's utility function is given by U(x,y)= min[x,y]. If the price of x is 2 and the price of y is 1 and if Ron's preferred consumption bundle is [4,4], then his income is:
A)16.
B)10.
C)14.
D)12.

Question

Quizplus · Accepted Answer

The Answer of Ron's utility function is given by U(x,y)= min[x,y]. If the price of x is 2 and the price of y is 1 and if Ron's preferred consumption bundle is [4,4], then his income is:
A)16.
B)10.
C)14.
D)12.

Ron's Utility Function Is Given by U(x,y)= Min[x,y]