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Exam 4: Choice

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Exam 1: Budget Constraint58 Questionsadd course
Exam 1: A: Budget Constraint30 Questionsadd course
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Justin consumes goods x and y and has a utility function U(x, y) = x2 + y. The price per unit of x is px and the price per unit of y is py. He has enough money so that he can afford at least 1 unit of either good. When he chooses his best affordable bundle,

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Question 61

Elmer's utility function is U(x, y) = min{x, y2}. If the price of x is $25 and the price of y is $15 and if Elmer chooses to consume 7 units of y, what must his income be?

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Question 62

Leo's utility function is min{x, 3y + 2z}. The price of x is $1, the price of y is $9, and the price of z is $8. Leo's income is $8. How many units of x does Leo demand?

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Question 63
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