Multiple Choice
Poindexter's utility function is U(x, y) = min{x + 2y, 3x + y}, where x is butter and y is guns.If the price of butter is $4 and the price of guns is $5, what would it cost Poindexter to buy the cheapest bundle that he likes as well as 4 units of butter and 3 units of guns?
A) $31
B) $32
C) $29
D) $28
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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