If Bernice (Whose Utility Function Is Min{x, Y}, Where X

question 20

Multiple Choice

If Bernice (whose utility function is min{x, y}, where x is her consumption of earrings and y is money left for other stuff) had an income of $15 and was paying a price of $8 for a pair of earrings, then if the price of earrings went up to $13, the equivalent variation of the price change would be

• A) $5.36.
• B) $8.33.
• C) $16.67.
• D) $2.68.
• E) $6.85.

Understand the global bond market and the variety of international bonds.

Understand the diverse influences on the consumer purchase decision process.

Recognize the role of motivation in driving consumer behavior.

Identify the components and significance of Maslow's hierarchy of needs in marketing.

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