Mike Consumes Two Commodities, X and Y, and His Utility

Multiple Choice

Mike consumes two commodities, x and y, and his utility function is min{x + 2y, y + 2x}.He chooses to buy 8 units of good x and 16 units of good y.The price of good y is $.50.What is his income?

A) $32
B) $40
C) $24
D) $16
E) Mike's income cannot be found unless the price of x is given too.