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

question 30

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 $3 per unit and the price of french fries is $4, then Harry will

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

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Definitions:

Organic Farming

An agricultural method that relies on natural processes and materials for crop production and livestock breeding, avoiding synthetic pesticides, herbicides, and fertilizers.

Sharecropping

Type of farm tenancy that developed after the Civil War in which landless workers—often former slaves—farmed land in exchange for farm supplies and a share of the crop.

Consumerism

The preoccupation with and inclination towards the purchasing of goods and services, often encouraged by the belief that happiness can be achieved through consumption.

Women's Suffrage

The movement aimed at securing women the right to vote.