Multiple Choice
Paul's utility function is min{x + 3y, 3x + y}. Simon's utility function is min{ 3x + 9y, 9x + 3y}. Paul and Simon have the same income and face the same prices.
A) Paul and Simon will demand the same amount of good x.
B) Paul will demand more of good y than Simon.
C) Simon will demand more of good y than Paul.
D) Each will prefer the other's consumption bundle to his own.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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