Janet Consumes Two Commodities X and Y

question 17

Multiple Choice

Janet consumes two commodities x and y.Her utility function is min{x+2y, y + 2x}.She chooses to buy 10 units of good x and 20 units of good y.The price of good x is $1.Janet's income is

• A)$40.
• B)$50.
• C)$30.
• D)$20.
• E)There is not enough information in the problem to determine her income because we are not told the price of good y.

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Definitions:

Compensatory Model

A selection decision model in which a high score in one area can make up for a low score in another area

Multiple Hurdle Model

A sequential strategy in which only the applicants with the highest scores at an initial test stage go on to subsequent stages.

Structured Interview

An interview in which a set of standardized questions with an established set of answers is used.

Non-Directive Style

Leadership or counseling approach where the leader or counselor provides minimal guidance, allowing individuals to explore thoughts and feelings independently.