Tim Has Preferences Represented by the Utility Function U(x, Y)=

question 2

Multiple Choice

Tim has preferences represented by the utility function U(x, y) = min{6x + y, x + 2y}.If x is on the horizontal axis and y is on the vertical axis, what is the slope of his indifference curve at the point (8,9) ?

• A)-6
• B)-2/6
• C)-1/2
• D)-1/6
• E)-8/9

---

Definitions:

Degrees of Freedom

The number of independent values in a statistical calculation that are free to vary.

Null Hypothesis

A statement used in statistics that proposes there is no significant difference or effect, serving as the starting point for testing.

Significance Level

A threshold in hypothesis testing that determines whether a result is statistically significant; often denoted by alpha (α).

Partitioning

The process of allocating the total sum of squares and degrees of freedom to the various components.