Elisabeth's utility function is min{x, 5y + 2}. The price of x is £1, the price of y is £5, and theprice of z is £2. Elisabeth's income is £22. How many units of x does Elisabeth demand?А.9.78В.11С.D.3Е.None of the above.

Utility function is used to represent the preferences of individual over goods and services for a…

Answered: {x, 5y+ 2}. price of price of y is £5,…

{x, 5y+ 2}. price of price of y is £5, änd the price of z is £2. Elisabeth's income is £22. How many units of x does Elisabeth demand? A. 3. 1 9.78 D. E. 3 None of the above.

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Chapter1: Making Economics Decisions

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Question

Elisabeth's utility function is min{x, 5y + 2}. The price of x is £1, the price of y is £5, and the
price of z is £2. Elisabeth's income is £22. How many units of x does Elisabeth demand?
А.
9.78
В.
11
С.
D.
3
Е.
None of the above.

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