Use the Following to Answer Question

question 155

Multiple Choice

Use the following to answer question:
-(Table: Consumer Equilibrium) Use Table: Consumer Equilibrium.Assume that the price of good X is $2 per unit,that the price of good Y is $1 per unit,and that you have $10 to spend on both goods.To maximize utility,you would consume _____ units of X and _____ units of Y.

• A)3;4
• B)2;3
• C)2;6
• D)5;0

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Definitions:

Laboratory Tests

Standardized procedures conducted in a controlled environment to analyze substances, diagnose conditions, or conduct experiments.

Scientific Method

A systematic approach to research where a problem is identified, relevant data is gathered, a hypothesis is formulated from the data, and the hypothesis is empirically tested.

Behavioral Assumptions

Refer to the underlying presumptions about how individuals and institutions will behave or make decisions in economic models or theories.

Form Hypothesis

The process of developing a proposed explanation for a phenomenon, made as a starting point for further investigation.