Ask Experts Questions for FREE Help!
 

Free Answers in 3 Easy Steps

Register Now
3 Steps
 


Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Finance & Accounting    Ask about another Subject  
 

Aggesut
Oct 25, 2009, 11:50 AM
Evening,

I'm sitting here with some voluntary microeconomics home excersises, and I got a question about Utility functions

I have the following Utility Function:
u(x1, x2) = min(x1, x2)
prices are p1=2 and p2=2, while the income is m=20

The question is; What is the consumer's chosen consumption bundle?

I've calculated m/(p1+p2) => 20/(2+2) = 5

but is this the final answer, or is there more to add?

Thanks