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Hi, I am studying for Microeconomics. I would like to ask you about the utility function. The whole questions is : Janet consumes two commodities x...
Hi, I am studying for Microeconomics. I would like to ask you about the utility function.
The whole questions is :
Janet consumes two commodities x and y. Her utility function is U = min {x+2y, y+2x}. She chooses to buy 10 units of good x and 20 units of good y. The price of good x is $1. Janet's income is?
a.50
b.30
c.40
d.20
How can I find which one is the min in the utility function U = min {x+2y, y+2x}?
Can you show and explain me the whole step solving this question please?