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1 1 A consumer has preferences on R+ that can be represented by a utility function : R+R given by u(1,2) = log 11+log 12 where x1 is the minutes spent playing video games while X2 is the minutes spent watching movies. The prices per minute of video games and movies are 1 and 4 respectively. The consumer has an income of 50 and 100 minutes to allocate between the two activities and she takes prices (P1, P2) E R as gen The consumer's optimal bundle is B (1,22) (25,25) (x1, x2) = (20, 0) (1,2)=(18,) (x1, x2) = (22, 2)

1 1 A consumer has preferences on R+ that can be represented by a utility function : R+R given by u(1,2) = log 11+log 12 where x1 is the minutes spent playing video games while X2 is the minutes spent watching movies. The prices per minute of video games and movies are 1 and 4 respectively. The consumer has an income of 50 and 100 minutes to allocate between the two activities and she takes prices (P1, P2) E R as gen The consumer's optimal bundle is B (1,22) (25,25) (x1, x2) = (20, 0) (1,2)=(18,) (x1, x2) = (22, 2)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter8: Polynomials
Section8.1: Adding And Subtracting Polynomials
Problem 44PPS
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1 1 A consumer has preferences on R+ that can be represented by a utility function : R+R given by u(1,2) = log 11+log 12 where x1 is the minutes spent playing video games while X2 is the minutes spent watching movies. The prices per minute of video games and movies are 1 and 4 respectively. The consumer has an income of 50 and 100 minutes to allocate between the two activities and she takes prices (P1, P2) E R as gen The consumer's optimal bundle is B (1,22) (25,25) (x1, x2) = (20, 0) (1,2)=(18,) (x1, x2) = (22, 2)
Transcribed Image Text:1 1 A consumer has preferences on R+ that can be represented by a utility function : R+R given by u(1,2) = log 11+log 12 where x1 is the minutes spent playing video games while X2 is the minutes spent watching movies. The prices per minute of video games and movies are 1 and 4 respectively. The consumer has an income of 50 and 100 minutes to allocate between the two activities and she takes prices (P1, P2) E R as gen The consumer's optimal bundle is B (1,22) (25,25) (x1, x2) = (20, 0) (1,2)=(18,) (x1, x2) = (22, 2)
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