Huang is determining how much Coke and Pepsi he will buy. Use the information in italics to answer th bolded question below. • Huang's preferences for Coke (C) and Pepsi (P) are represented by the following utility function: U = 2C + 3P • Huang has $12 to spend on soft drinks. • The price of Coke (P) is $0.50/can. • The price of Pepsi (Pp) is $1.00/can. Without considering prices, what type of soft drink does Huang prefer.
Huang is determining how much Coke and Pepsi he will buy. Use the information in italics to answer th bolded question below. • Huang's preferences for Coke (C) and Pepsi (P) are represented by the following utility function: U = 2C + 3P • Huang has $12 to spend on soft drinks. • The price of Coke (P) is $0.50/can. • The price of Pepsi (Pp) is $1.00/can. Without considering prices, what type of soft drink does Huang prefer.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 19SQ
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