In Problem 13, Where X Is Whips and Y Is

question 11

Multiple Choice

In Problem 13, where x is whips and y is leather jackets, if Kinko's utility function were U(x, y) = min{ 7x, 3x + 12y}, then if the price of whips were $20 and the price of leather jackets were $60, Kinko would demand

• A) 4 times as many leather jackets as whips.
• B) 3 times as many whips as leather jackets.
• C) 5 times as many whips as leather jackets.
• D) 2 times as many leather jackets as whips.
• E) only leather jackets.

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Definitions:

Direct Observations

The method of gathering data through firsthand witnessing or measurement of behaviors, events, or situations without depending on secondary data.

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