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question 163

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Use the following to answer questions: Use the following to answer questions:   -(Table: Consumer Equilibrium)  Look at the table Consumer Equilibrium. Assume that the price of good X is $2 per unit and the price of good Y is $1 per unit, that you consume three units of good X and three units of good Y, and that you are spending all of your income. To maximize utility, assuming that the goods are divisible, you would consume _____ of X and _____ of Y. A)  less; less B)  more; more C)  less; more D)  more; less
-(Table: Consumer Equilibrium) Look at the table Consumer Equilibrium. Assume that the price of good X is $2 per unit and the price of good Y is $1 per unit, that you consume three units of good X and three units of good Y, and that you are spending all of your income. To maximize utility, assuming that the goods are divisible, you would consume _____ of X and _____ of Y.


Definitions:

Merit

A quality of being particularly good or worthy, typically used to acknowledge or reward someone's achievement or quality.

Benevolence

The quality of being well-meaning; kindness or the desire to do good and act generously towards others.

Prosocial Behavior

Voluntary behavior intended to benefit another person, such as helping, sharing, or providing comfort.

Empathy

The ability to understand and share the feelings of another person from their perspective.

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