Robert's Utility Function Is U(x, Y) = Min{ 4x, 2x

question 32

Multiple Choice

Robert's utility function is U(x, y) = min{ 4x, 2x + y}. The price of x is $3 and the price of y is $1. Robert's income offer curve is

• A) a ray from the origin with a slope of 2.
• B) a line parallel to the x axis.
• C) a line parallel to the y axis.
• D) the same as his Engel curve for x.
• E) none of the above.

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Definitions:

Business Location

The physical place where a company is situated, which can impact its success and operational efficiency.

Supplies

Items or materials used in the operation of a business, often consumable in nature.

Test Equipment

Specialized tools and devices used for testing, measuring, and validating the performance of products or machinery.

Overhauling

The comprehensive process of inspecting, cleaning, repairing, and replacing necessary parts of machinery, vehicles, or equipment.