Leo's Utility Function Is Min{x, 3y + 2z}

question 54

Multiple Choice

Leo's utility function is min{x, 3y + 2z}.The price of x is $1, the price of y is $9, and the price of z is $8.Leo's income is $8.How many units of x does Leo demand?

• A)2
• B)1.60
• C)5
• D)7
• E)None of the above.

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Definitions:

Diagnostic Criteria

Standardized guidelines used to categorize and diagnose mental health disorders based on specific symptoms, behavior patterns, and psychological features.

Specific Phobia

A severe and persistent fear of a specific object or situation (does not include agoraphobia and social anxiety disorder).

Intense Fear

A profound feeling of dread or terror, often sudden and usually in response to a specific threat or perceived danger.

Maladaptive Thoughts

Negative thought patterns that are counterproductive or interfere with an individual's ability to make positive life changes or decisions.