Elmer's Utility Function Is U(x, Y) = Min{x, Y²}

question 62

Multiple Choice

Elmer's utility function is U(x, y) = min{x, y²}. If the price of x is $25 and the price of y is $15 and if Elmer chooses to consume 7 units of y, what must his income be?

• A) $2,660
• B) $280
• C) $1,430
• D) $1,330
• E) There is not enough information to determine his income.

---

Definitions:

Conscientiousness

A personality trait characterized by organization, dependability, discipline, and a high level of thoughtfulness about others and striving for achievement.

Big Five

A model in psychology, describing personality through five broad dimensions: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Difficult Job

A position that requires a high level of skill, effort, or complexity, making it challenging to perform.

Openness

A personality trait signifying receptiveness to new experiences, ideas, and unconventional values.