Simplify the Expression

question 172

Multiple Choice

Simplify the expression .

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Definitions:

Income

the total amount of money received by an individual or group over a specified period, often derived from work, property, or investments.

Homothetic Preferences

A situation in consumer theory where preference ratios are consistent across different income levels or price changes.

Utility Function

Mathematical representation of a consumer's preference ranking for a set of goods and services.

Budget Equation

A balance formula that represents the relationship between income, expenses, and savings within a specified period.