Final answer:
To find the value of Qx with the given utility function U(X, Y)=XY and budget constraint I=Px(X)+Py(Y), the prices of items X and Y (Px=15, Py=4), and total income I=220, we need more information, such as the quantity of Y (Qy) or an additional equation related to utility maximization.
Step-by-step explanation:
The student's question involves finding the value of Qx, which represents the quantity of item X that can be purchased given a utility function and a budget constraint. The utility function provided is U(X, Y)=X×Y, and the budget constraint is I=Px(X)+Py(Y), where I is the income, Px and Py are the prices of items X and Y respectively, and X and Y are the quantities of these items.
Given that Py=4, Px=15, and I=220, we can use these values in the budget constraint equation:
I = Px×Qx + Py×Qy
Substituting the known values gives us:
220 = 15×Qx + 4×Qy
Since we do not have information about Qy (the quantity of item Y), we cannot solve for Qx exactly in this equation. More information is needed, such as the value of Qy or an additional equation related to the utility maximization (which is not provided).