Solved

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

Question 19

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, Ron spends his $12 income on:

A) 4 units of x and 2 units of y.
B) 4 units of x and 4 units of y.
C) 2 units of x and 4 units of y.
D) 2 units of x and 2 units of y.

Related Questions

Q14: When consumers join a club, or a

Q15: Figure 3A<br><img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3559/.jpg" alt="Figure 3A

Q16: Ann's well- being depends upon her consumption

Q17: Susan Ng's preferences over bowls of french

Q18: If the cross- price elasticity of Nicorette,

Q20: Constraints in the theory of consumer behaviour:<br>A)have

Q21: If goods A and B are complements:<br>A)the

Q22: Suppose your income doubled and, at the

Q23: A consumer's demand functions depend on:<br>A)her income

Q24: Brad lives in a two good world