In Problem 6, Elmer's Utility Function Is U(x, Y) =

question 24

Multiple Choice

In Problem 6, Elmer's utility function is U(x, y) = min{x, y²}. If the price of x is $15, the price of y is $30, and Elmer chooses to consume 2 units of y, what must Elmer's income be?

• A) $240
• B) $90
• C) $220
• D) $120
• E) There is not enough information to tell.

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Definitions:

Vocational Choice

The selection of a career or profession based on individual preferences, skills, and values.

Self-concept

An individual's perception of themselves, encompassing beliefs, feelings, and thoughts about one's abilities, appearance, and more.

Career Theory

A framework that explains how individuals choose and advance in their careers.

Ideal Occupation

A profession or job that perfectly matches an individual's interests, skills, and values, often considered as a dream job.