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.

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Definitions:

Triangular Muscles

Muscles that have a triangular shape, often involved in a wide range of movements and located in various parts of the body, such as the deltoids.

Bipennate

A type of muscle fiber arrangement where fascicles are attached obliquely from either side of a central tendon, resembling a feather.

Convergent

Pertaining to structures or processes that come together or blend, often used in the context of evolutionary biology or plate tectonics.

Parallel

Describes lines or structures that are side by side and having the same distance continuously between them.