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

question 4

Multiple Choice

Elmer's utility function is U(x, y) =min{x, y²}.If the price of x is $25 and the price of y is $15 and if Elmer chooses to consume 7 units of y, what must his income be?

• A)$2,660
• B)$280
• C)$1,430
• D)$1,330
• E)There is not enough information to determine his income.

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Definitions:

Social Construction

The concept that various aspects of social life, including knowledge, identities, and reality itself, are shaped by social processes and interactions.

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An intellectual movement challenging structuralism's idea that human culture can be completely understood through its structures, emphasizing the instability of meaning and the role of power in constructing knowledge.