Write the Expression as a Simplified Rational Number

question 50

Multiple Choice

Write the expression as a simplified rational number.

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Definitions:

Total Utility

The overall satisfaction or happiness derived from consuming a certain amount of goods or services.

Maximize

The process of increasing a particular outcome or value to its highest possible level given a set of constraints.

Income Effect

The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.

Substitution Effect

The substitution effect occurs when consumers replace pricier goods with cheaper alternatives as prices change, reflecting changes in consumption patterns due to relative price differences.