Business, 09.12.2020 22:00 mustafajibawi1

Peter's utility function is U (x; y) = x + 10y y2=2; where x is the number of x0s he consumes per week and y is the number of y0s he consumes per week. Peter has $200 a week to spend. The
price of x is 1. The price of y is currently $3 per unit. Peter has received an invitation to join a
club devoted to consumption of y. If he joins the club, Peter can get a discount on the purchase of
y. If he belonged to the club he could buy y for $1 a unit. How much is the most Peter would be
willing to pay to join this club

Answers: 1

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Peter's utility function is U (x; y) = x + 10y y2=2; where x is the number of x0s he consumes per w...