John has a utility function u(x1, x2) = min3x1, 4x2. If he has an income of £140 and faces prices of p1 = £2 £2, what is his optimal consumption and P2 bundle? Select one: О а. (40,30) O b. (30,40) О с. (60,80) O d. None of the above.
John has a utility function u(x1, x2) = min3x1, 4x2. If he has an income of £140 and faces prices of p1 = £2 £2, what is his optimal consumption and P2 bundle? Select one: О а. (40,30) O b. (30,40) О с. (60,80) O d. None of the above.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![John has a utility function
u(x1, x2) = min3x1, 4x2. If he has an
income of £140 and faces prices of p1 = £2
and p2 = £2, what is his optimal consumption
bundle?
Select one:
О а. (40,30)
O b. (30,40)
О с. (60,80)
O d. None of the above.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0591f0ff-54d3-4fa2-a21d-b394ca5fc4fc%2Fa702337c-c0b2-449f-b6ca-d0b462950d2b%2Fbtegp7n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:John has a utility function
u(x1, x2) = min3x1, 4x2. If he has an
income of £140 and faces prices of p1 = £2
and p2 = £2, what is his optimal consumption
bundle?
Select one:
О а. (40,30)
O b. (30,40)
О с. (60,80)
O d. None of the above.
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