a consumer has a utility function u = x^1/2y^1/2. prices are px = 2 and py...

a consumer has a utility function u = x^1/2y^1/2. prices are px = 2 and py = 3. she maximizes utility purchasing 6 units of good x. her income is equal to m = ________

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Expert Solution

Given the utility function and the price of the respective commodity x and y. Equilibrium quantity of commodity x is also given. Here, income, m has been calculated with the help of utility function, the price of the commodities x and y and the budget constraint.

Rahul Sunny answered 1 year ago

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