Business, 14.10.2019 19:30 jadahilbun01

Aconsumer has utility function u(x, y) = min{x, y}. she has $150 and the price of x and the price of y are both 1. the consumer is thinking of accepting a job in a different town, in which the price of x is 1 and the price of y is 2. her income would remain the same. this consumer, who understands compensating and equivalent variation perfectly, is torn. while she is keen on the prospect of a move to the new town, which boasts a fine array of cultural activities for her family, she claims that, purely on the basis of her own preferences, having to move is as bad as a cut in pay of $x. she also claims she wouldn’t mind moving if when she moved she got a raise of $y. what are the quantities $x and $y equal to?

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Aconsumer has utility function u(x, y) = min{x, y}. she has $150 and the price of x and the price of...

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