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April 16, 2014

Homework Help: Economics

Posted by Brett on Wednesday, January 21, 2009 at 7:44pm.

2. Suppose Fred has a utility function of the form U = X ˝ Y ˝ . Fred has an income of $100, good X costs $1.00, and good Y costs $2.00. How much of good X and how much or good Y will Fred buy?

Ive already drawn my graph. i know that fred could buy 100 of x only and 50 of y only under his budget constraint. i know the slop is -2 but i cannot figure out how to calculate for good X and Y
thanks

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