Utility Maximization Practice

Practice Space: Utility Optimization Problem Solver

Scenario Statement:

A consumer has a utility function given by $U(x, y) = x^{0.2} y^{0.8}$.
The price of good X is $P_x = \$5$, the price of good Y is $P_y = \$13$, and total income is $I = \$175$.

Calculate optimal quantities $x^*$ and $y^*$.