A utility function is U(x,y) = min(x,y^2). If the price of x is $25, the price of y is $10, and consumer chooses 5 units of y. How much is the consumer's income?

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A utility function is {eq}U(x,y) = min(x,y^2) {/eq}. If the price of x is $25, the price of y is $10, and consumer chooses 5 units of y.

How much is the consumer's income?

Perfect Complement Goods:

Two goods are called perfect complement when they are required to be consumed together such as the left shoe and the right shoe. The consumer will be able to increases the utility if and only if increases the consumption of both goods.

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Complementary Goods in Economics: Definition & Examples

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What are complementary goods? See complementary goods examples and learn how demand is impacted. See the difference between substitute and complementary goods.

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A utility function is U(x,y) = min(x,y^2). If the price of x is $25, the price of y is $10, and...

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