The Figure Below Shows a Consumer Maximizing Utility at Two

question 69

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 $14.When the price of X increases from point M to point N along the demand curve,$___________ of income must be temporarily given to the consumer to isolate the substitution effect.

• A)$10,080
• B)$10,160
• C)$10,240
• D)$10,300
• E)$10,380

---

Definitions:

Hegel

A German philosopher who developed a comprehensive philosophical framework known as absolute idealism, focusing on the development of self-consciousness and the dialectics of history.

Science

Systematic inquiry into the nature of the natural world and physical reality that depends on empirical observation and experimentation.

Ontology

The branch of metaphysics concerned with the nature of being and existence.

Idealism

A philosophical theory that reality is fundamentally mental or spiritual in nature.