Isabella's Utility Function Is U(x, Y) = 4min{x, Y}

question 49

Multiple Choice

Isabella's utility function is U(x, y) = 4min{x, y} + y. If we draw her indifference curves with x on the horizontal axis and y on the vertical axis, these indifference curves are

• A) L-shaped with kinks where x = y.
• B) made up of two line segments that meet where x = y. One of these line segments is horizontal and the other has slope -4.
• C) L-shaped with kinks where x = 5y.
• D) made up of two line segments that meet where x = 5y. One of these line segments is vertical and the other has slope -1.
• E) V-shaped with kinks where x = 4y.

Understand the concept and purpose of prototypes in product development.

Identify and explain different prototyping techniques and testing methods.

Comprehend the role of customer-centric approaches (such as storyboarding) in product design.

Recognize the impact of fear of failure on entrepreneurial experimentation.

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