Emily's Utility Function Is U(x, Y)= 3min{x, Y} + Y

question 27

Multiple Choice

Emily's utility function is U(x, y) = 3min{x, y} + y.If we draw her indifference curves with x on the horizontal axis and y on the vertical axis, these indifference curves are

• A)made up of two line segments that meet where x = 4y.One of these line segments is vertical and the other has slope -1.
• B)L-shaped with kinks where x =4y.
• C)L-shaped with kinks where x = y.
• D)made up of two line segments that meet where x = y.One of these line segments is horizontal and the other has slope -3.
• E)V-shaped with kinks where x = 3y.

---

Definitions:

Social Class

Social class is a division of society based on social and economic status, influencing individuals' lifestyles, behaviors, and opportunities.

Marketing

The process of promoting, selling, and distributing a product or service, including market research and advertising.

Social Mobility

The relocation of single people, families, or groups across different levels within a social hierarchy or stratification system.

Social Stratification

The arrangement of individuals in a society into hierarchical levels based on factors like wealth, power, and social status.