Nick Insists on Consuming 3 Times as Much of Y

question 27

Multiple Choice

Nick insists on consuming 3 times as much of y as he consumes of x (so he always has y = 3x) . He will consume these goods in no other ratio. The price of x is 2 times the price of y. Nick has an endowment of 20 x's and 75 y's which he can trade at the going prices. He has no other source of income. What is Nick's gross demand for x?

• A) 21
• B) 115
• C) 23
• D) 95
• E) We can't determine the answer without knowing the price of x.

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Definitions:

Intelligence Level

A measure of one's cognitive abilities, including the ability to learn, understand, reason, plan, and solve problems, often assessed through standardized intelligence tests.

Deviation IQ Scores

A method of calculating an individual's IQ score relative to the average IQ scores of their age group.

Intelligence Test Scores

Quantitative measures obtained from assessments designed to evaluate a person's cognitive abilities in relation to their age group.

Intelligence Quotients

A measure of a person's intellectual abilities in relation to an average score, determined by standardized tests.