Quasimodo Has the Utility Function U(x,m)= 100x - X²/2

question 72

Essay

Quasimodo has the utility function U(x,m)= 100x - x²/2 + m where x is his consumption of earplugs and m is money left over to spend on other stuff. If he has $10,000 to spend on earplugs and other stuff, and if the price of earplugs rises from $50 to 65, what is the change in his consumer's surplus?

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Definitions:

Mindfulness

A state of mind obtained by concentrating on the current moment and calmly recognizing and accepting one's emotions, thoughts, and physical sensations.

Well-being

A holistic concept referring to an individual's overall physical, psychological, and emotional health and happiness.

Mobbing

A form of harassment or bullying, often in the workplace, where an individual is subjected to persistent malicious attacks by colleagues.

Bullying

The use of force, coercion, hurtful teasing, or threat, to abuse, aggressively dominate, or intimidate others.