Mathematics, 13.02.2021 04:20, Shadow0202

Suppose that Tim has a utility function for two goods, X and Y, is U(X, Y ) = min(X, 0.5Y). The price of each good is $1 and his income is $12. Solve Tim’s constrained optimization problem (i. e., what is his optimal bundle?). What is his level of utility at the optimal bundle?

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Suppose that Tim has a utility function for two goods, X and Y, is U(X, Y ) = min(X, 0.5Y). The pric...