13. Sylvester has an income of $110 that he spends on two goods: X and Y. The price of a unit of Y is $5. The price of a unit of X is $14 for the first four units, but after the fourth unit the price of a unit of X is $9. Sylvester's utility function is U-3X+Y. Sylvester's level of utility when he consumes his optimal consumption basket is utils.

13. Sylvester has an income of $110 that he spends on two goods: X and Y. The price of a unit of Y is $5. The price of a unit of X is $14 for the first four units, but after the fourth unit the price of a unit of X is $9. Sylvester's utility function is U-3X+Y. Sylvester's level of utility when he consumes his optimal consumption basket is utils.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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