A Consumer Has the Utility Function U(x, Y) = Min{x

question 53

True/False

A consumer has the utility function U(x, y) = min{x, 2y}. If the price of good x is zero and the price of good y is p, then the consumer's demand function for good y is .

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Definitions:

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The values, ideas, ethics, and norms shared by a group of people, which influence their behaviors and attitudes.

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An approach that advocates for the mutual respect and tolerance of diverse cultural groups.