Assume Jim consumes two goods: X and Y. He has a utility function of U=X²Y on bundles of (X, Y). The price for good X is twice the price of good Y. If Jim bought a combination of the two goods, and in doing so achieves a utility of 1000, how much of good X did Jim buy? a) 25 b) 5 c) 10 d) 20

Assume Jim consumes two goods: X and Y. He has a utility function of U=X²Y on bundles of (X, Y). The price for good X is twice the price of good Y. If Jim bought a combination of the two goods, and in doing so achieves a utility of 1000, how much of good X did Jim buy? a) 25 b) 5 c) 10 d) 20

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter3: Preferences And Utility

Section: Chapter Questions

Problem 3.3P

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