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Leo's Utility Function Is Min{x, 3y + 2z}

Question 54

Multiple Choice

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?


A) 2
B) 1.60
C) 5
D) 7
E) None of the above.

Correct Answer:

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