If the Prices of X and Y Are $2 and $4

question 194

Multiple Choice

If the prices of X and Y are $2 and $4 per unit, respectively, and this consumer has $10 in income to spend, to maximize total utility, this consumer should buy

• A)1 unit of X and 1 unit of Y.
• B)2 units of X and 2 units of Y.
• C)1 unit of X and 2 units of Y.
• D)5 units of X and no units of Y.

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Definitions:

Poisson Distribution

A probability distribution that models the number of times an event occurs in a fixed interval of time or space.

Fast Food Restaurant

A type of restaurant that offers quick service, a limited menu, and food prepared in a pre-cooked or quick-cooking manner.

Customers Arrive

Describes the occurrence or rate at which clients or consumers come to a service area, influencing service system design and capacity planning.

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Machines that convert diesel fuel into electricity, typically used for power generation in places without access to the grid.