FIGURE 6-2 -Refer to Figure 6-2.Suppose the Price of Y Is $1,the

question 138

Multiple Choice

FIGURE 6-2
-Refer to Figure 6-2.Suppose the price of Y is $1,the consumer's income is $10,and the consumer is currently buying 3 units of good X and 4 units of good Y.If this consumer is maximizing her utility,then the price of X must be

• A)$1.
• B)$2.
• C)$3.
• D)$4.
• E)Impossible to tell with the given information.

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Definitions:

Retirement Savings

Money that has been set aside or invested with the purpose of using it for income upon retiring.

Lump Sum

A lump sum is a single payment of money, as opposed to making payments over time in installments.