Elmer's utility function is U(x, y)= min{x, y²}.If the price of x is $15, the price of y is $30, and Elmer chooses to consume 2 units of y, what must Elmer's income be? A)$240 B)$90 C)$220 D)$120 E)There is not enough information to tell.

Question

Quizplus · Accepted Answer

The Answer of Elmer's utility function is U(x, y)= min{x, y²}.If the price of x is $15, the price of y is $30, and Elmer chooses to consume 2 units of y, what must Elmer's income be? A)$240 B)$90 C)$220 D)$120 E)There is not enough information to tell.

Elmer's Utility Function Is U(x, Y)= Min{x, Y2}

Elmer's Utility Function Is U(x, Y)= Min{x, Y²}