Charlie Has a Utility Function U(x_A, X_B) = X_Ax_B, the Price

question 45

Multiple Choice

Charlie has a utility function U(x_A, x_B) = x_Ax_B, the price of apples is $1, and the price of bananas is $2. If Charlie's income were $120, how many units of bananas would he consume if he chose the bundle that maximized his utility subject to his budget constraint?

• A) 30
• B) 15
• C) 60
• D) 6
• E) 90

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Definitions:

Generally Accepted Accounting Principles

A set of accounting standards and procedures adopted in the U.S. that guide how financial statements are prepared and reported.

Correcting Entries

Entries made in a journal to correct mistakes or inaccuracies found in the financial statements or ledgers after they have been posted.

Revenue

The sum of income a corporation generates from selling products or offering services over a specified timeframe.

Expense

refers to the money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business.