(Table: Consumer Equilibrium) Look at the Table Consumer Equilibrium

question 327

Essay

(Table: Consumer Equilibrium) Look at the table Consumer Equilibrium.Assume that the price of both goods X and Y is $1 per unit and you have $4 of income to spend on both goods.To maximize utility, you would consume _____ _ units of X and _____ _ units of Y.
A.0; 4
B.1; 3
C.2; 2
D.3; 1

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Definitions:

Satisfier Factor

An aspect of work that can cause satisfaction if present, based on Herzberg's two-factor theory of motivation.

ERG Theory

A motivation theory developed by Clayton Alderfer that categorizes human needs into three groups: Existence, Relatedness, and Growth.

Physiological Well-Being

A state of physical health and functioning that allows an individual to perform daily activities without limitations or distress.

Maslow's Hierarchy

A theory of psychological motivation based on a hierarchy of needs, from basic survival needs to self-actualization.