Mary Granola's Utility Function Is U(x, Y) = Min{x

question 48

True/False

Mary Granola's utility function is U(x, y) = min{x + 2y, y + 2x}. Mary maximizes her utility subject to a budget constraint. If she chooses the bundle (5, 6), then the price of x must be exactly twice the price of y.

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Unexpected events that affect the supply side of the economy, potentially altering the cost of production and leading to changes in prices and output.

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The total expenditure by households and individuals on goods and services within a country's economy.

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The rise and fall of economic activity relative to the long-term growth trend of the economy; also called business cycles

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