Ron's Utility Function Is Given by U(x,y)= Min[x,y]

question 19

Multiple Choice

Ron's utility function is given by U(x,y) = min[x,y]. If the price of x is 2 and the price of y is 1, Ron spends his $12 income on:

• A)4 units of x and 2 units of y.
• B)4 units of x and 4 units of y.
• C)2 units of x and 4 units of y.
• D)2 units of x and 2 units of y.

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Fraud

A deliberate deception intended to secure an unfair or unlawful gain.

ABC Company

A placeholder name often used to represent a hypothetical or generic business entity.

American Express

A multinational corporation specialized in payment card services, known for its credit card, charge card, and traveler's cheque businesses.

Consumer Credit Contract

A legal agreement between a borrower and a lender in which the borrower receives something of value now and agrees to repay the lender at a future date, usually with interest, under specified conditions.