6. Milton consumes two commodities in a perfect market system. The price of x is $4 and the price of y is $1. His utility function is U(x, y) = xy. He is endowed with 76 units of good x and no y. Find his consumption of good y. a. 76 b. 157 с. 152 d. 162

6. Milton consumes two commodities in a perfect market system. The price of x is $4 and the price of y is $1. His utility function is U(x, y) = xy. He is endowed with 76 units of good x and no y. Find his consumption of good y. a. 76 b. 157 с. 152 d. 162

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

6. Milton consumes two commodities in a perfect market system. The price of x is $4 and the
price of y is $1. His utility function is U(x, y) = xy. He is endowed with 76 units of good x and no
y. Find his consumption of good y.
a. 76
b. 157
c. 152
d. 162

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