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1 2 Suppose that a consumer has preferences represented by the following utility function: u(x,y) = ln(x) + -In(y). 3 3 +In(y). If the price of x is 3, the price of y is 2 and income is 90, what is the number of units of y at the optimal consumption bundle? 15 20 30 45

1 2 Suppose that a consumer has preferences represented by the following utility function: u(x,y) = ln(x) + -In(y). 3 3 +In(y). If the price of x is 3, the price of y is 2 and income is 90, what is the number of units of y at the optimal consumption bundle? 15 20 30 45

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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1 2 Suppose that a consumer has preferences represented by the following utility function: u(x,y) = ln(x) + -In(y). 3 3 +In(y). If the price of x is 3, the price of y is 2 and income is 90, what is the number of units of y at the optimal consumption bundle? 15 20 30 45
Transcribed Image Text:1 2 Suppose that a consumer has preferences represented by the following utility function: u(x,y) = ln(x) + -In(y). 3 3 +In(y). If the price of x is 3, the price of y is 2 and income is 90, what is the number of units of y at the optimal consumption bundle? 15 20 30 45
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