Economics · Consumer Choice
A consumer has income M = 240, with Px = 6 and Py = 4. The utility function is U = min(2x, 3y) (perfect complements). Which of the following are CORRECT? A. At the consumer's optimum, 2x = 3y. B. The optimum quantities are x* = 18 and y* = 12. C. The maximum utility achieved is U* = 36. D. If Py rises to 6 and M is unchanged, the new optimum is x* = 12, y* = 8. E. This utility function exhibits zero substitutability between goods X and Y.
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A, B, C and E only
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