Elmer’s utility function is U(x, y) = min{x, y^2}

Elmer’s utility function is U(x, y) = min{x, y^2}

Elmer’s utility function is U(x, y) = min{x, y^2}

Question
Elmer’s utility function is U(x, y) = min{x, y^2}
. If the price of x is $15, the price of y is $20, and Elmer chooses to consume 7 units of y, what must Elmer’s income be?

The answer is $875
.

Please show me how this answer was arrived at?

Thanks!

Elmer’s utility function is U(x, y) = min{x, y^2}

Place New Order
It's Free, Fast & Safe

"Looking for a Similar Assignment? Order now and Get a Discount!

Feeling Lucky?

Enter your email address to spin the wheel for a chance to win exciting offers.