Elmer''s utility function

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Reference no: EM13861975

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?

Reference no: EM13861975

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