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

question 15

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 $20, and Elmer chooses to consume 7 units of y, what must Elmer's income be?

• A) $245
• B) $1,750
• C) $975
• D) $875
• E) There is not enough information to tell.

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Definitions:

Posttraumatic Stress Disorder

A psychiatric disorder that occurs in people who have experienced or witnessed a traumatic event and exhibit symptoms such as flashbacks, nightmares, and severe anxiety.

Depressive Disorders

A group of conditions characterized by persistent feelings of sadness, hopelessness, and a lack of interest or pleasure in activities.

Persistent Sad

A prolonged state of sadness that may indicate a mood disorder or depression.

Personality

The combination of characteristics or qualities that form an individual's distinctive character.