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April 20, 2014

Homework Help: ECON

Posted by Brett on Thursday, January 22, 2009 at 12:03am.

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? Be sure to show all your work.

Ive aready drawn my graph and i know that under my budget constraint i could buy 100 of X only and 50 of y only. i also know that my slop is -2. i just can not figure out how to solve to find how much of good X and Y he will buy.
thanks

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