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Business, 04.04.2020 11:32 kayla114035

Mike consumes two commodities, x and y, and his utility function is min{x+2y, y+2x}. He chooses to buy 8 units of good x and 16 units of good y. The price of good yis 0.50. What is his income?

(a) 32
(b) 40
(c) 24
(d) 16

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Mike consumes two commodities, x and y, and his utility function is min{x+2y, y+2x}. He chooses to b...
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