Question
Can you check my answer
Consider an individual with a utility function of the form: U(x,y)=xy , and where m=1, px=2, and py=3 , where m is the individual's income or wealth, pi is the price of good i.
Calculate the individual's optimal consumption bundle, (x,y) = (Blank 1,Blank 2).
If your answer is a decimal, enter it to 1 decimal place (e.g. 5.5).
I got (x,y)=(.83,.06)
Consider an individual with a utility function of the form: U(x,y)=xy , and where m=1, px=2, and py=3 , where m is the individual's income or wealth, pi is the price of good i.
Calculate the individual's optimal consumption bundle, (x,y) = (Blank 1,Blank 2).
If your answer is a decimal, enter it to 1 decimal place (e.g. 5.5).
I got (x,y)=(.83,.06)
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