My utility over goods 1 and 2 is given by: u (21, 22) = min {=} Where is the quantity of good 1 I consume and 2 is the quantity of good 2 I consume. Assuming I purchase only goods 1 and 2... If a = 6, b = 7, the price of good 1 is $5/unit, the price of good 2 if $6/unit and my income is $10, how much good 2 will I consume to maximize my utility?

My utility over goods 1 and 2 is given by: u (21, 22) = min {=} Where is the quantity of good 1 I consume and 2 is the quantity of good 2 I consume. Assuming I purchase only goods 1 and 2... If a = 6, b = 7, the price of good 1 is $5/unit, the price of good 2 if $6/unit and my income is $10, how much good 2 will I consume to maximize my utility?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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