If Bernice (Whose Utility Function Is Min{x, Y}, Where X

question 19

Multiple Choice

If Bernice (whose utility function is min{x, y}, where x is her consumption of earrings and y is money left for other stuff) had an income of $16 and was paying a price of $8 for earrings when the price of earrings went up to $10, then the equivalent variation of the price change was

• A) $3.56.
• B) $1.45.
• C) $2.91.
• D) $7.11.
• E) $3.23.

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