question archive Lorenzo lives on x and y alone
Lorenzo lives on x and y alone
Subject:EconomicsPrice:2.87 Bought7
Lorenzo lives on x and y alone. His utility function is U(x, y) = min{3x + 4y, 7y}. The prices of both goods are positive. He will a. never buy more x than y. b. buy equal amounts of the two goods. c. always buy more y than x. d. always buy more x than y. e. More than one of the above is true.
