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Question 7 Four people are sharing a house. They like cake (X), which is a private good and costs £5 per slice, and television, which is a public good and costs £10 per inch (Y is the size of the television in inches). All the housemates, i, have the same utility function: U₁-X₁-2 What is the optimum size for their television? 28 inches 22 inches 32 inches 36 inches 20 inches

Question 7 Four people are sharing a house. They like cake (X), which is a private good and costs £5 per slice, and television, which is a public good and costs £10 per inch (Y is the size of the television in inches). All the housemates, i, have the same utility function: U₁-X₁-2 What is the optimum size for their television? 28 inches 22 inches 32 inches 36 inches 20 inches

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question 7 Four people are sharing a house. They like cake (X), which is a private good and costs £5 per slice, and television, which is a public good and costs £10 per inch (Y is the size of the television in inches). All the housemates, i, have the same utility function: U, X₁-2 = What is the optimum size for their television? 28 inches 22 inches 32 inches 36 inches 20 inches
Transcribed Image Text:Question 7 Four people are sharing a house. They like cake (X), which is a private good and costs £5 per slice, and television, which is a public good and costs £10 per inch (Y is the size of the television in inches). All the housemates, i, have the same utility function: U, X₁-2 = What is the optimum size for their television? 28 inches 22 inches 32 inches 36 inches 20 inches
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