Harry Mazzola Has the Utility Function U(x₁, X₂)=min{x₁ + 2x₂

question 14

Multiple Choice

Harry Mazzola has the utility function U(x₁, x₂) =min{x₁ + 2x₂, 2x₁ + x₂}.He has $40 to spend on corn chips and french fries.If the price of corn chips is $1 per unit and the price of french fries is $4 per unit, then Harry will

• A)consume at least as many corn chips as french fries but might consume both.
• B)consume at least as many french fries as corn chips but might consume both.
• C)definitely spend all of his income on french fries.
• D)definitely spend all of his income on corn chips.
• E)consume equal amounts of french fries and corn chips.

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Definitions:

Industrial Revolution

A period of major industrialization that took place during the late 1700s and early 1800s which transformed agriculture-based societies into industrial ones.

Mechanization

The process of replacing manual labor with machines, often leading to higher efficiency and productivity in various industries.

Factory Production

The process of manufacturing goods in large quantities using machines in a factory.

World War II

A global conflict that lasted from 1939 to 1945, involving most of the world's nations, including all of the great powers, eventually forming two opposing military alliances: the Allies and the Axis.