Multiple Choice
Suppose that U = min{2X, 0.5Y}, where X is units of good X and Y is units of good Y. The price of good X is $1 and the price of good Y is $2. What is the minimum expenditure necessary to achieve a utility level of 100?
A) $333.33
B) $550
C) $1,200
D) $450
Correct Answer:
Verified
Correct Answer:
Verified
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