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7 Kate has a utility function Uxy4xpath dM95702c.pdf

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The document presents a utility function for an individual named Kate and poses a question about her consumption choices of two goods given their prices and her income. Specifically, it asks how many units of good x she would consume to maximize utility while adhering to her budget constraint of $100. The options provided for the answer include various quantities of good x.

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7. Kate has a utility function U(x,y)=4x+y. The price of good x is $1, and the price of good y is $2. If Kate's income is $100, how many units of good x would she consume if she chose the bundle that maximizes her utility subject to her budget constraint? a. 0 b. 1 c. 4 d. 16 e. None of the above

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7 Kate has a utility function Uxy4xpath dM95702c.pdf

  • 1. 7. Kate has a utility function U(x,y)=4x+y. The price of good x is $1, and the price of good y is $2. If Kate's income is $100, how many units of good x would she consume if she chose the bundle that maximizes her utility subject to her budget constraint? a. 0 b. 1 c. 4 d. 16 e. None of the above