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.

Question

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The Answer of 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.

Lorenzo Lives on X and Y Alone