Madonna Buys Only Two Goods

question 36

Multiple Choice

Madonna buys only two goods.Her utility function is Cobb-Douglas.Her demand functions have which of the following properties?

• A)Her demand for one of the two goods does not depend on income.
• B)Her demand for neither good depends on income.
• C)Her demand for each of the goods depends on income and on the prices of both goods.
• D)Her demand for each of the two goods depends only on her income and on the price of that good itself.
• E)One of the goods is an inferior good and the other is a normal good.

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Definitions:

Ethical Implications

The moral consequences or considerations of a decision, action, or policy in societal and individual terms.

Proprietary Information

Information that is owned by an individual or company, regarded as a trade secret or confidential knowledge.

Declaration of Helsinki

An international set of ethical principles for medical research involving human subjects, developed by the World Medical Association.

Independent Committee

refers to a group of individuals, often from different organizations, who provide oversight or governance on a specific issue, ensuring objectivity and impartiality.