Determine the optimum consumption basket, Microeconomics

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Determine the optimum consumption basket

Problem

Consider a consumer with the utility function U(x, y) min(3x, 5y); that is, the two goods are perfect complements in the ratio 3:5. The prices of the two goods are P_x = $5 and P_y = $10, and the consumer's income is $220. Determine the optimum consumption basket.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: Determine the optimum consumption basket

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Microeconomics: Determine the optimum consumption basket

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