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:

Intravenous Medication

Medication administered directly into the veins, allowing for rapid absorption and effect.

Nitroglycerin

A medication used to prevent and treat chest pain (angina) by relaxing and widening blood vessels to improve blood flow to the heart.

Sublingual

Pertaining to or applied under the tongue, a method often used for the administration of certain medications for rapid absorption.

Chest Pain

A common symptom that can result from a variety of causes ranging from non-serious to life-threatening conditions.