Joe Bob's cousin Leonard consumes goods 1 and 2.Leonard thinks that 2 units of good 1 is always a perfect substitute for 3 units of good 2.Which of the following utility functions is the only one that would not represent Leonard's preferences?

Question

Quizplus · Accepted Answer

This utility function represents Leonard's preferences because it includes the minimum of 3x1 and 2x2, implying that he is willing to substitute 2 units of good 2 for every 3 units of good 1 to achieve the same level of utility. The other choices either do not have a minimum or do not have the same ratios between the two goods.

Joe Bob's Cousin Leonard Consumes Goods 1 and 2