Utility function, Econometrics

Peter's utility function is u(x, y) = x + 2y where  x  is the number of ounces of coffee and  y  is the quantity of sugar in grams.  Let unit prices be given by  Px = 6 cents,  Py = 2 cents, and assume that Peter has $9 to spend on coffee and sugar. Find Peter's best choice, in terms of quantities of coffee and sugar. Illustrate it graphically.

Posted Date: 4/1/2013 3:42:34 AM | Location : United States







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