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Assume That an Individual Consumes Two Goods,X and Y Given the Above,if the Consumer Has $110 to Spend on Utility

question 13

Multiple Choice

Assume that an individual consumes two goods,X and Y.The total utility (assumed measurable) of each good is independent of the rate of consumption of other goods.The prices of X and Y are,respectively,$5 and $10. $\begin{array}{c}\begin{array}{l}\text { Units of the GOOd} \\1\\2 \\3 \\4 \\5 \\6 \\7\\8\end{array}\begin{array}{l}\text { Total Utility of } X\\50 \\95 \\135 \\170 \\200 \\225 \\245\\160\end{array}\begin{array}{l}\text { Total Utility of } y\\400 \\750 \\950 \\1100 \\1220 \\1320 \\1400 \\1450 \end{array}\end{array}$
Given the above,if the consumer has $110 to spend on X and Y,which combination will the consumer choose?

Definitions:

Social Psychology

Examining the impact that the concrete, envisioned, or hinted presence of others has on a person's cognitive functions, emotional states, and conduct.

Correlation

A measure that indicates the extent to which two or more variables fluctuate together, but not necessarily causation.

Field Study

A research method that involves collecting data outside of a laboratory setting, in the natural environment where the subjects of study can be observed in their usual circumstances.

Social Behavior

Actions and interactions among individuals within a group, ranging from cooperation and communication to competition and conflict, influenced by the social context.