On the Planet Hyperion Every Consumer Who Has Ever Lived

question 26

Multiple Choice

On the planet Hyperion every consumer who has ever lived has a utility function U(x, y) = min{x, 2y}.The currency of Hyperion is the doggerel.In 1850 the price of x was 1 doggerel per unit and the price of y was 2 doggerels per unit.In 2000, the price of x was 10 doggerels per unit and the price of y was 4 doggerels per unit.The Paasche price index of prices in 2000 relative to prices in 1850 is

• A)6.
• B)4.67.
• C)2.50.
• D)3.50.
• E)not possible to determine without further information.

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Definitions:

Just Society

A societal ideal where fairness and equality are upheld, ensuring that all individuals have access to resources, opportunities, and justice irrespective of their background.

Kohlberg's Model

A developmental psychological theory that proposes stages of moral development through which individuals progress, indicating how moral reasoning matures over time.

Leadership Ethics

The moral guidelines and principles that govern the behavior and decision-making of leaders.

Ethical Leadership Theory

A concept that emphasizes the importance of leaders acting in an ethical manner and promoting ethical practices among their followers.