On the Planet Hyperion Every Consumer Who Has Ever Lived

question 16

Multiple Choice

On the planet Hyperion every consumer who has ever lived has a utility function U(x, y) = min{x, 2y}. The currency of Hyperion is the doggerel. In 1850 the price of x was 1 doggerel per unit and the price of y was 2 doggerels per unit. In 2000, the price of x was 10 doggerels per unit and the price of y was 4 doggerels per unit. The Paasche price index of prices in 2000 relative to prices in 1850 is

• A) 6.
• B) 4.67.
• C) 2.50.
• D) 3.50.
• E) not possible to determine without further information.

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Definitions:

Symbols

Objects that provide meaning about a culture.

Meaning

The inherent significance or purpose of something, often related to understanding or comprehending concepts and contexts.

Competing Values Framework

A model used to assess and understand organizational culture by categorizing it into four quadrants based on flexibility vs. control and internal vs. external focus.

Market Culture

An organizational culture where decision-making is driven by market mechanisms, such as competition and customer demands.