Aggesut
Oct 25, 2009, 11:32 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
I've calculated m/(p1+p2) => 20/(2+2) = 5
, but is this the final answer for the chosen consumption bundle?
Thanks
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
I've calculated m/(p1+p2) => 20/(2+2) = 5
, but is this the final answer for the chosen consumption bundle?
Thanks