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:

Encoding

The initial process of transforming information into a form that can be stored in memory, an essential step in the creation of new memories.

Echoic Memory

A subtype of sensory memory that retains audio information for a brief period, usually up to several seconds after the original sound has ceased.

Iconic Memory

A type of visual sensory memory that holds an exact copy of the visual information it receives for a very short period of time.

Nonsense Syllables

Meaningless sets of letters used in psychological experiments to study memory and learning processes.