Jay's utility function is U (x, y) = min (x + 2y, 3x + y), where x is butter and y is guns, If the price of butter is $4 and the price of guns is $6, what would it cost Jay to buy the cheapest bundle that he likes as well as 4 units of butter and 3 units of guns? 

Answer rating: 100% (QA)

To find the cost of the cheapest bundle that Jay likes you need to evaluate the utili... View the full answer