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:

Marxist Analysis

An approach to social theory and research that emphasizes class relations and societal conflict, using the principles laid out by Karl Marx.

Economic Factors

Variables such as employment, income levels, inflation, and GDP growth that influence the economic performance of countries or regions.

Racism

Discrimination or prejudice against individuals based on their race or ethnicity, often manifesting in societal norms, institutional policies, or personal attitudes.

Microaggressions

Everyday verbal, nonverbal, and environmental slights or insults, whether intentional or unintentional, that communicate hostile, derogatory, or negative messages to target persons based solely upon their marginalized group membership.