If the Marginal Rate of Substitution of X for Y

question 73

Multiple Choice

If the marginal rate of substitution of X for Y is 2,the price of X is $3,and the price of Y is $1,a utility-maximizing consumer should

• A)be indifferent between 1X and 2Y.
• B)prefer 3Y to 1X.
• C)choose less X and more Y.
• D)choose more X and less Y.

Understand the basics of Crystal Ball and its functionalities.

Learn how to interpret forecast charts in Crystal Ball.

Understand the probability and risk calculation within Crystal Ball.

Learn to define and use different types of variables (assumption, decision, and forecast) in Crystal Ball.

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Definitions:

Drive-Reduction

A motivational theory suggesting that the primary purpose of behavior is to reduce drives or needs, thereby returning the organism to a state of homeostasis or balance.

Biological Needs

Fundamental requirements that organisms need to maintain life, such as food, water, air, and shelter, which are essential for survival and physiological functioning.

Evolutionary Theory

A scientific explanation for the diversity of life on Earth, proposing that species change over time through processes like natural selection.

Genetically Predisposed

Indicates a higher likelihood of developing certain conditions or traits based on one's genetic makeup.