Chuck and Barry Have Identical Total Utility Schedules but Chuck

question 9

Multiple Choice

Chuck and Barry have identical total utility schedules but Chuck has a much higher income.If each is maximizing his total utility,then

• A)they will have equal total utilities.
• B)Chuck will have lower total utility than Barry.
• C)Chuck will have lower marginal utility than Barry for each normal good consumed.
• D)Chuck will have higher marginal utility than Barry for each normal good consumed.
• E)they will have equal marginal utilities for each normal good consumed.

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Definitions:

Correlation

A statistical measure that expresses the extent to which two variables change together, but does not necessarily imply causation.

Variables

Elements, features, or factors that can change and have different values across individuals or situations in a research study.

Relationship

A connection, association, or involvement between two or more parties.

Correlation

describes the statistical relationship between two variables, indicating whether and how strongly they change together, without implying causation.