Q 29

Mike consumes two commodities, x and y, and his utility function is min{x + 2y, y + 2x}. He chooses to buy 8 units of good x and 16 units of good y. The price of good y is $.50. What is his income?
A) $32
B) $40
C) $24
D) $16
E) Mike's income cannot be found unless the price of x is given too.

Q 30

Georgina consumes only grapefruits and pineapples. Her utility function is U(x, y) = x^{2}y^{8}, where x is the number of grapefruits consumed and y is the number of pineapples consumed. Georgina's income is $105, and the prices of grapefruits and pineapples are $1 and $3, respectively. How many grapefruits will she consume?
A) 10.5
B) 7
C) 63
D) 21
E) None of the above.

Q 31

Natalie consumes only apples and tomatoes. Her utility function is U(x, y) = x^{2}y^{8}, where x is the number of apples consumed and y is the number of tomatoes consumed. Natalie's income is $320, and the prices of apples and tomatoes are $4 and $3, respectively. How many apples will she consume?
A) 21.33
B) 16
C) 8
D) 48
E) None of the above.