Ambrose Has the Utility Function

question 33

Multiple Choice

Ambrose has the utility function . If Ambrose is initially consuming 25 units of nuts and 17 units of berries, then what is the largest number of berries that he would be willing to give up in return for an additional 39 units of nuts?

• A) 8
• B) 12
• C) 25
• D) 6
• E) 3

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Definitions:

Five-point Scale

A method of measurement that offers five distinct options to respondents, ranging from high to low or excellent to poor, for evaluation purposes.

Bottled Water

Packaged water sold in bottles and often treated to remove impurities and contaminants, offered as a portable and convenient choice for hydration.

Blinding

A method used in experiments to eliminate bias, where participants or researchers (or both) are unaware of certain key aspects of the study.

Incentive

A form of motivation or stimulus that encourages a person to perform or act in a certain way, often used in economics, business, and psychology.