Suppose That U(x,y) = Min(3x,y)

question 17

Multiple Choice

Suppose that U(x,y) = min(3x,y) . Further suppose that P_x = $5 per unit and P_y = $10 per unit and income is I = $105. For this consumer, the optimal basket to buy would be

• A) (x,y) = (9,3)
• B) (x,y) = (3,1)
• C) (x,y) = (1,3)
• D) (x,y) = (3,9)

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Definitions:

Kohlberg

refers to Lawrence Kohlberg, an American psychologist best known for his theory of stages of moral development.

Morality Stage

A phase in moral development characterized by changing beliefs and behaviors related to concepts of right and wrong.

Moral Decisions

Choices made based on distinguishing right from wrong and considering fairness, ethics, and the welfare of others.

Core Values

Fundamental beliefs or guiding principles that dictate behavior and action, often serving as a cultural cornerstone for organizations or individuals.