Bernice's Preferences Can Be Represented by the Utility Function, U(x

question 31

Multiple Choice

Bernice's preferences can be represented by the utility function, U(x, y) = min{x, y}. She faces prices ($2, $1) , and her income is $12. If prices change to ($3, $1) , the compensating variation

• A) equals the equivalent variation.
• B) is $2 greater than the equivalent variation.
• C) is $2 smaller than the equivalent variation.
• D) is $1 greater than the equivalent variation.
• E) There is not enough information to determine which variation is larger.

Identify the key components and information on checks and banking documents.

Recognize the various types of checks and their specific uses.

Comprehend the procedures and importance of securely processing checks and cash.

Understand the electronic banking transactions and the role of digital banking today.

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Definitions:

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