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Suppose That a Consumer Has Utility U(X,Y) = 2XY

question 77

Multiple Choice

Suppose that a consumer has utility U(X,Y) = 2XY + X and income of $499 to spend on goods X and Y. The initial prices of X and Y are $1 and $2 per unit, respectively. Suppose the price of good X increases to $2 per unit. The total effect on the consumption of goods X and Y is ____ for good X and ____ for good Y.

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Definitions:

Goal Statement

A clear and specific declaration of the objectives an individual or organization aims to achieve.

Time Bound

Restricted or limited by a predetermined timeframe for completion.

Measurable

Pertains to something that can be quantitatively assessed or evaluated.

Ethical Decision

A choice made based on moral principles and values, often considering the impact on all stakeholders involved.

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