Assume Holy consumes two goods (X and Y). Given his utility function: U = min {3X,6Y},...

 

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Assume Holy consumes two goods (X and Y). Given his utility function: U = min {3X,6Y}, find Holy's optimum amount of X and Y as functions of the price of X (Px), price of Y (Py) and his Income (M). Assume Holy consumes two goods (X and Y). Given his utility function: U = min {3X,6Y}, find Holy's optimum amount of X and Y as functions of the price of X (Px), price of Y (Py) and his Income (M).

Answer rating: 100% (QA)

Solution Given his equation of budget line MPXX PYY i Al... View the full answer