A Person with the Utility Function U(x, Y)= Y

question 19

True/False

A person with the utility function U(x, y)= y + x² has convex preferences.

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Definitions:

Scarce Resources

Natural or human-made assets that have limited availability, which makes the allocation of these resources a fundamental economic challenge due to competing needs and desires.

Additional Costs

Expenses that are not initially projected or expected in the budget.

Natural Science

The branch of science that deals with the physical world, including physics, chemistry, geology, and biology.

Economic Analysis

Economic Analysis is the systematic approach to examining the allocation of resources, encompassing various methods to study economic systems, policies, and principles.