Suppose Monty has $60 to spend on treats (x) and toys (y). The price of toys is p, = $2 and the price of treats is p, = $1. Monty's utity functon for toys and treats is uộx y)=2. Answer the following questons about Monty's deduthatduanddy1) The equation for Monty's budget constraint can be written asO A.30-zx=yOC. Bx+ 10y = 300OD. All other choices are correct2) Suppose Monty consumes x=16 and ym4. Monty's marginal utility for x at thes90 values is MU, = OMonty's marginal utility fr y at these values is MU, =0

Given that Monty's utility function is ux,y=2xy ................(1) Marginal utility from good…

Suppose Monty has 860 to spend on treats () and toys (9). The price of toys is p, -$2 and the price of treats is p, -S1. Monty's utity functon for toys and treats is upx y)=2. Answer the followng questons about Mont/'s that - ana - 1) The equation for Montys budget constraint can be written as OA. 30-x=y OC. B + 10y = 300 OD. All other choices are correct 2) Suppose Monty consumes x16 and ym4. Monty's marginal utity for x at theso values is MU,O Monty's marginal utility fr y at these values is MU, =0

Suppose Monty has 860 to spend on treats () and toys (9). The price of toys is p, -$2 and the price of treats is p, -S1. Monty's utity functon for toys and treats is upx y)=2. Answer the followng questons about Mont/'s that - ana - 1) The equation for Montys budget constraint can be written as OA. 30-x=y OC. B + 10y = 300 OD. All other choices are correct 2) Suppose Monty consumes x16 and ym4. Monty's marginal utity for x at theso values is MU,O Monty's marginal utility fr y at these values is MU, =0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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