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

question 1

Multiple Choice

In Problem 6, Elmer's utility function is U(x, y) = min{x, y²}. If the price of x is $25, the price of y is $10, and Elmer chooses to consume 5 units of y, what must Elmer's income be?

• A) $1,350
• B) $175
• C) $775
• D) $675
• E) There is not enough information to tell.

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Definitions:

Collective Body

A group of individuals or entities that act as a single entity, often for a specific purpose.

Ideas

Mental concepts or thoughts that arise from the mind or intellectual processes.

Culture

The sum of attitudes, customs, and beliefs that distinguishes one group of people from another, transmitted through languages, material objects, ritual, institutions, and art.

Legitimacy

The acceptance of an authority, often a governing law or régime, as being rightful and justified.