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If the utility function of a particular consumer is U=X.Y, if you know that Px=2, Py=4, I=800 Find: 1. The quantity of X, Y that achieves the consumer's maximum satisfaction within the limits of his disnosable income2

If the utility function of a particular consumer is U=X.Y, if you know that Px=2, Py=4, I=800 Find: 1. The quantity of X, Y that achieves the consumer's maximum satisfaction within the limits of his disnosable income2

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter10: Consumer Choice Theory
Section: Chapter Questions
Problem 6P
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If the utility function of a particular consumer is U=X.Y, if you know that Px=2, Py=4, l=800 Find: 1. The quantity of X, Y that achieves the consumer's maximum satisfaction within the limits of his disposable income? 2. Calculate the value of the benefit realized at maximum saturation?
Transcribed Image Text:If the utility function of a particular consumer is U=X.Y, if you know that Px=2, Py=4, l=800 Find: 1. The quantity of X, Y that achieves the consumer's maximum satisfaction within the limits of his disposable income? 2. Calculate the value of the benefit realized at maximum saturation?
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