11. Martha's utility function is U(x, y) = min {x + 2y, 2x + y). George's utility function isU(x, y) = min{2x + 4y, 4x + 2y}. If George and Martha have the same income and face the sameprices for the goods x and y,a. George and Martha will both demand the same amount of y.b.c.Martha will always prefer George's consumption bundle to her own.George will always prefer Martha's consumption bundle to his own.George will demand more x than Martha demands.d.e.None of the above.

The Correct option is : B Here's Why:

Answered: . Martha's utility function is U(x, y)…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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. Martha's utility function is U(x, y) = min (x + 2y, 2x + y). George's utility function is U(x, y) = min {2x + 4y, 4x + 2y). If George and Martha have the same income and face the same prices for the goods x and y,