If Mickey's utility function is U(xx)=x5x₁, the price of apples is på of bananas is p, and his income is m. What is Mickey's demand for apples? the price a. m/(p+p) Ob. m/2pa Oc. 1.20p,m/pa O d. 0.20/pm e. 0.83m/pa

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
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If Mickey's utility function is U(xx)=x5xp, the price of apples is par
of bananas is pb, and his income is m. What is Mickey's demand for apples?
a. m/(pa+pp)
b. m/2pa
the price
c. 1.20ppm/pa
d. 0.20/p.m
e. 0.83m/pa
Transcribed Image Text:If Mickey's utility function is U(xx)=x5xp, the price of apples is par of bananas is pb, and his income is m. What is Mickey's demand for apples? a. m/(pa+pp) b. m/2pa the price c. 1.20ppm/pa d. 0.20/p.m e. 0.83m/pa
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