Ambrose's Utility Function Is

question 9

Multiple Choice

Ambrose's utility function is . If the price of nuts (good 1) is $1, the price of berries (good 2) is $7, and his income is $259, how many units of berries will Ambrose choose?

• A) 8
• B) 197
• C) 9
• D) 18
• E) 12

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Definitions:

Bar Chart

A graphical representation of data using bars of varying heights or lengths proportional to the values they represent.

Stemplot

A type of graph used in statistics that is used to display quantitative data, typically to show distribution.

Time Series

A sequence of data points collected or recorded at successive points in time, often used to analyze trends, cycles, or patterns.

Quantitative Variable

A variable that can be counted or measured numerically, allowing for mathematical operations and statistical analysis.