In Problem 13, Where X Is Whips and Y Is

question 18

Multiple Choice

In Problem 13, where x is whips and y is leather jackets, if Kinko's utility function were U(x, y) = min{ 8x, 4x + 16y}, then if the price of whips were $20 and the price of leather jackets were $60, Kinko would demand

• A) 6 times as many whips as leather jackets.
• B) 5 times as many leather jackets as whips.
• C) 3 times as many leather jackets as whips.
• D) 4 times as many whips as leather jackets.
• E) only leather jackets.

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Definitions:

Pollution Control Technology

Processes and equipment designed to reduce or eliminate the release of harmful substances into the environment.

Economically Depleted

pertains to a state of significant reduction in economic resources, wealth, and productivity, often leading to downturns in living standards and financial stability.

Non-renewable Resource

A non-renewable resource is a natural resource that cannot be readily replaced by natural means on a level equal to its consumption, such as oil, natural gas, and coal.

Population Growth

The increase in the number of individuals in a population, commonly influenced by factors such as birth rates, death rates, and immigration.