7. Suppose utility of an individual is U-min [X, Y]. Price of X (Px) is 2 and Price of Y is 1. Given her income is $200, what will be the optimal consumption bundle?

Micro Economics For Today
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ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section6.A: Indifference Curve Analysis
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7. Suppose utility of an individual is U=min [X, Y]. Price of X (Px) is 2 and Price of Y (PY)
is 1. Given her income is $200, what will be the optimal consumption bundle?
Transcribed Image Text:7. Suppose utility of an individual is U=min [X, Y]. Price of X (Px) is 2 and Price of Y (PY) is 1. Given her income is $200, what will be the optimal consumption bundle?
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