Janet consumes two commodities x and y her utility function


The whole questions is:

Janet consumes two commodities x and y. Her utility function is U = min {x+2y, y+2x}. She chooses to buy 10 units of good x and 20 units of good y. The price of good x is $1. Janet's income is?

a.50

b.30

c.40

d.20

How can I find which one is the min in the utility function U = min {x+2y, y+2x}?

Can you show and explain me the whole step solving this question please?

Solution Preview :

Prepared by a verified Expert
Business Economics: Janet consumes two commodities x and y her utility function
Reference No:- TGS02785924

Now Priced at $10 (50% Discount)

Recommended (92%)

Rated (4.4/5)