In Problem 7, Harry Mazzola Has the Utility Function U(x₁

question 24

Multiple Choice

In Problem 7, Harry Mazzola has the utility function U(x₁, x₂) = min{x₁ + 2x₂, 2x₁ + x₂}. He has $40 to spend on corn chips and french fries. If the price of corn chips is $1 per unit and the price of french fries is $4 per unit, then Harry will

• A) consume at least as many corn chips as french fries but might consume both.
• B) consume at least as many french fries as corn chips but might consume both.
• C) definitely spend all of his income on french fries.
• D) definitely spend all of his income on corn chips.
• E) consume equal amounts of french fries and corn chips.

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Definitions:

Reality Therapy

A form of counseling developed by William Glasser that emphasizes personal responsibility and focuses on the present.

Existential Guilt

A condition arising from feeling responsible for not fully utilizing one's freedom to choose or for not living authentically according to one's values and potential.

Inauthenticity

The state or quality of not being genuine or true to one's own personality, spirit, or character.

Perceived Social Norms

Individuals' beliefs about the behaviors and attitudes that are considered acceptable or typical within their social group or society.