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(Solved): U=Suppose an individual has income I=600 and she can spend her income either on good x or Y. The pri ...
U=Suppose an individual has income
I=600and she can spend her income either on good
xor
Y. The price of
x(P_(x))is 3 and the price of
Y(P_(Y))is 2 .
13a. What would be her optimal choice and utility if her utility
U=x_(4)^(4)Y_(-)^(4)b. What would be her optimal choice and utility if her utility
U=4x+3Yc. What would be her optimal choice and utility if her utility
U=min[3x,4Y]