Herbie's Utility Function Is , Where X Is the Number

question 1

Multiple Choice

Herbie's utility function is , where x is the number of x's he consumes per week and y is the number of y's he consumes per week. Herbie has $200 a week to spend. The price of x is $1. The price of y is currently $4 per unit. Herbie has received an invitation to join a club devoted to the consumption of y. If he joins the club, Herbie can get a discount on the purchase of y. If he belonged to the club, he could buy y for $1 a unit. How much is the most Herbie would be willing to pay to join this club?

• A) $33
• B) $21
• C) $4.50
• D) $16.50
• E) None of the above.

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Definitions:

Contributory Negligence

A legal doctrine where if the plaintiff in a negligence claim is found to be partly at fault for the incident, they may be barred from receiving compensation.

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A legal term referring to a death caused by the negligence or misconduct of another person or entity.

Creditor

An individual, institution, or organization to whom money is owed by a debtor.

Statutes

Laws established by a legislative body in government that dictate how certain matters should be handled legally.