A consumer has a utility function given as U=2x⁰.⁵ and y⁰.²⁵ where x and y are two commodity bundles. If Px=$5 and Py=$6 and income constraint M=$120, determine the quantities of x and y that will maximize his utility subject to his income constraint

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24-06-2024
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A consumer has a utility function given as U=2x⁰.⁵ and y⁰.²⁵ where x and y are two commodity bundles. If Px=$5 and Py=$6 and income constraint M=$120, determine the quantities of x and y that will maximize his utility subject to his income constraint

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