ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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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.
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Transcribed Image Text: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.
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