Multiple Choice
Ron's utility function is given by U(x,y) = min[2x,y]. If the price of x is 1 and the price of y is 1, Ron spends his $12 income on:
A) 4 units of x and 4 units of y.
B) 8 units of x and 8 units of y.
C) 4 units of x and 8 units of y.
D) 8 units of x and 4 units of y.
Correct Answer:
Verified
Correct Answer:
Verified
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