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Suppose a consumer's preferences can be represented by the utility function U(X,Y) = Min (2X,Y). Also, suppose the consumer has $300 to spend and the price of Good X is PX = $3 and the price of Good Y is PY = $1. If the consumer maximizes their utility subject to their budget constraint, how much of Good X and how much of Good Y will the consumer purchase?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M945096

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