Mary has the following utility function: u(x, y) = 3 ln(x) + 2y. Her income is given by I = 10 and the prices originally are p = 1 and py = 2 (c) What is the utility level that Mary can achieve?

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
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Mary has the following utility function: u(x, y) = 3 ln(x) + 2y. Her income is given by
I = 10 and the prices originally are p = 1 and py
= 2
(c) What is the utility level that Mary can achieve?
Transcribed Image Text:Mary has the following utility function: u(x, y) = 3 ln(x) + 2y. Her income is given by I = 10 and the prices originally are p = 1 and py = 2 (c) What is the utility level that Mary can achieve?
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