State Whether the Following Relation Is a Function

question 68

Multiple Choice

State whether the following relation is a function.

• A) Insufficient information
• B) Function
• C) Not a function

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Definitions:

Marginal Utility per Dollar

The additional satisfaction or utility gained from consuming an additional unit of a good or service per unit of currency spent.

Utility-maximizing Consumer

A consumer who aims to get the highest level of satisfaction possible from their purchases, given their budget constraints.

Income Effect

The income effect describes how changes in consumers' income impact their purchasing choices, typically affecting the quantity of goods consumed.

Marginal Utility

The further benefit or pleasure derived by consuming an extra unit of a good or service.