The Figure Below Shows a Consumer Maximizing Utility at Two

question 85

Multiple Choice

The figure below shows a consumer maximizing utility at two different prices (the left panel) and the consumer's demand for good X at the same two prices of good X (the right panel) .The price of good Y is $14.At point N on the demand curve for X,the price of X is $____.

• A)$48
• B)$50
• C)$56
• D)$60
• E)$64

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Definitions:

Scientific Methodology

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

Ivan Pavlov

A Russian physiologist known for his work in classical conditioning, particularly his experiments with dogs, leading to the concept of the Pavlovian response.

Learning Objectively

The process of acquiring knowledge or skills in a way that is not influenced by personal feelings, interpretations, or prejudice.

Shaping

An operant conditioning procedure in which reinforcers guide behavior toward closer and closer approximations of the desired behavior.