Multiple Choice
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.
Correct Answer:
Verified
Correct Answer:
Verified
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