Answer to Question #101627 in Microeconomics for umer

Question #101627
price of good x=12,price of good y=4,income of consumer 240
a)find the utility max of combination o x and y
1
Expert's answer
2020-01-24T09:41:28-0500

Px=12 and Py=4, income of consumer, I=240

The utility of max combination `UMC` is given by;

"I*UMC= Px\/Py"

UMC=3/240 =0.0125



Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS