For each of these utility functions, find the optimal consumption choices z and y for a...

 

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For each of these utility functions, find the optimal consumption choices z and y for a consumer with budget w = 1, who faces prices pz = 0.05 and Py = 0.3. Are the goods substitutes or complements, or neither (no need to show a calculation for this part)? (i) u (x, y) = x+ 2y (ii) u (x, y) = min {x, 2y} For each of these utility functions, find the optimal consumption choices z and y for a consumer with budget w = 1, who faces prices pz = 0.05 and Py = 0.3. Are the goods substitutes or complements, or neither (no need to show a calculation for this part)? (i) u (x, y) = x+ 2y (ii) u (x, y) = min {x, 2y}

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