Multiple Choice
For the utility function U =3x5y and income constraint I =3x + 5y,the utility maximizing consumer will choose to consume:
A) all x.
B) all y.
C) one half of their income in good x and one half of their income in good y.
D) unknown because there is no unique utility maximizing combination of x and y.
Correct Answer:
Verified
Correct Answer:
Verified
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