Suppose a Consumer Has Preferences Over Two Goods, X and Y

question 262

Multiple Choice

Suppose a consumer has preferences over two goods, X and Y, which are perfect substitutes. In particular, two units of X is equivalent to one unit of Y. If the price of X is $1, the price of Y is $3, and the consumer has $30 of income to allocate to these two goods, how much of each good should the consumer purchase to maximize satisfaction?

• A)30 units of X and 0 units of Y
• B)0 units of X and 10 units of Y
• C)15 units of X and 5 units of Y
• D)15 units of X and 0 units of Y

Describe the humanistic approach to personality, focusing on individual freedom, growth potential, and self-efficacy.

Explain Walter Mischel's views on situational factors influencing behavior and personality consistency across different situations.

Identify the criticism and limitations of psychoanalytic and behavioral theories in understanding human behavior and personality.

Understand the role of situational specificity in modifying individuals' behavior according to context.

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Definitions:

Customer Invoice

A document issued by a business to a customer, detailing products or services provided and the amount owed.

Mobile Payroll App

A smartphone application designed to manage, process, and execute payroll functions remotely.

QBO Mobile

The mobile application version of QuickBooks Online, designed for managing finances and accessing QuickBooks features on-the-go.

FICA

The Federal Insurance Contributions Act, which is a U.S. law that requires a payroll deduction for Social Security and Medicare.