Consider the Utility Function U = Min (5x, 7y)

question 57

Multiple Choice

Consider the utility function U = min (5x, 7y) . The indifference curves for this utility function will be

• A) vertical
• B) horizontal
• C) upward sloping
• D) L-shaped

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Definitions:

Graphic Depiction

Refers to the visual representation of data or information, typically using charts, graphs, or maps.

Contribution Margin Ratio

The percentage of sales revenue that exceeds variable costs and contributes to covering fixed costs and generating profit.

Target Monthly Income

Target monthly income is the specific amount of income an individual or business aims to earn within a month to meet budgeting goals or financial obligations.

Fixed Costs

Expenses that do not change with the level of production or sales activities, such as rent, salaries, and insurance.