Howard Has the Utility Function

question 4

Multiple Choice

Howard has the utility function . His income is $30.

• A) Howard does not like good y.
• B) Howard has a bliss point.
• C) If the price of good x is $4 and the price of good y is $1, Howard will buy 2 units of y.
• D) Howard will buy good y only if it is cheaper than good x.
• E) None of the above.

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Definitions:

Average Age

The sum of the ages of all individuals in a group divided by the number of individuals, used to represent the midpoint of age in the group.

Random

Lacking pattern or predictability in events, often used to describe a method for selecting samples in research to avoid bias.

Population Parameter

A numerical value that summarizes a characteristic of the entire population.

Daily Lives

The everyday activities, routines, behaviors, and functions of individuals or societies.