Mike consumes two commodities, x and y, and his utility function is min{x+2y, y+2x}. He chooses to buy 8 units of good x and 16 units of good y. The price of good yis 0.50. What is his income?

(a) 32
(b) 40
(c) 24
(d) 16

Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.