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QUESTION
Max's utility function is U = 12 XY , where the MUX = 12 Y and MUY = 12 X . The prices of good X and good Y are $24 and $30, respectively.
Max's utility function is U = 12XY, where the MUX = 12Y and MUY = 12X. The prices of good X and good Y are $24 and $30, respectively. Suppose that Max's indifference curve is tangent to his budget constraint, where he is consuming 40 units of good X. How many units of good Y must Max be consuming?
