7. Suppose that U(x,y) = min(3x,y). Further suppose that Px = $5 per unit and Py = $10 per unit and income is I = $105. For this consumer, the optimal basket to buy would be (A)(x,y) = (9,3) (B) (x,y) = (3,1) (C) (x,y) = (1,3) (D)(x,y) = (3,9)

6. Suppose the price of A is $20, the price of B is $10, and that the consumer is currently spending all available income. At the consumer’s current consumption basket the marginal utility of A is 8 and the marginal utility of B is 2. (A)The consumer is currently maximizing utility. (B) The consumer could increase utility by consuming more of good A and less of good B . (C) The consumer could increase utility by consuming more of good B and less of good A . (D)Nothing can be said about the consumer’s utility because we do not know the consumer’s income or utility function.

7. Suppose that U(x,y) = min(3x,y). Further suppose that P_x = $5 per unit and P_y = $10 per unit and income is I = $105. For this consumer, the optimal basket to buy would be
(A)(x,y) = (9,3)
(B) (x,y) = (3,1)
(C) (x,y) = (1,3)
(D)(x,y) = (3,9)

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