Where X Is Whips and Y Is Leather Jackets, If

question 32

Multiple Choice

where x is whips and y is leather jackets, if Kinko's utility function were U(x, y) = min{8x, 4x + 16y}, then if the price of whips were $20 and the price of leather jackets were $60, Kinko would demand

• A)6 times as many whips as leather jackets.
• B)5 times as many leather jackets as whips.
• C)3 times as many leather jackets as whips.
• D)4 times as many whips as leather jackets.
• E)only leather jackets.

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Definitions:

Nomothetic

An approach in psychology that seeks to study and identify general laws and principles that apply to all individuals.

Idiographic

An approach in psychological research focusing on the unique aspects of individual personalities or cases as opposed to universal laws.

Gordon Allport

A psychologist who pioneered the study of personality, emphasizing the uniqueness of the individual and the importance of the current context for understanding behavior.