Elmer's Utility Function Is U(x, Y)= Min{x, Y²}

question 9

Multiple Choice

Elmer's utility function is U(x, y) = min{x, y²}.If the price of x is $15, the price of y is $20, and Elmer chooses to consume 7 units of y, what must Elmer's income be?

• A)$245
• B)$1,750
• C)$975
• D)$875
• E)There is not enough information to tell.

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Definitions:

Charles Lyell

A 19th-century geologist known for his contributions to the principles of geology and the concept that the Earth was shaped by slow-moving forces still in operation today.

Descent with Modification

A core principle of evolutionary biology indicating that species change over time, giving rise to new species, while sharing a common ancestor.

Darwin's Idea

Refers to the theory of evolution by natural selection, proposed by Charles Darwin, which describes how species evolve over time through changes in heritable traits.

Shared Similarities

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