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An Individual Has a Utility Function for Tennis Rackets (X)and E=(13px+py)UE = \left( \frac { 1 } { 3 } p _ { x } + p _ { y } \right) U

Question 10

Multiple Choice

An individual has a utility function for tennis rackets (x) and tennis balls (y) of the form U(x,y) = min (3x,y) .His or her expenditure function is given by


A) E=(13px+py) UE = \left( \frac { 1 } { 3 } p _ { x } + p _ { y } \right) U .
B) E=(px+3py) UE = \left( p _ { x } + 3 p _ { y } \right) U .
C) E=(px+13py) UE = \left( p _ { x } + \frac { 1 } { 3 } p _ { y } \right) U .
D) E=(px+py) U/3E = \left( p _ { x } + p _ { y } \right) U / 3 .

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