On the Planet Hyperion, Every Consumer Who Has Ever Lived

question 1

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 11 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)6.50.
• B)5.
• C)2.75
• D)3.75.
• E)It is not possible to determine the Paasche price index without further information.

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Definitions:

Prolonged Period

An extended duration of time that goes beyond what is normal or expected.

Muscle Endurance

The ability of a muscle or group of muscles to perform repetitive contractions over a period of time without becoming fatigued.

Undue Fatigue

Excessive tiredness not proportionate to the activity level, often a sign of underlying health issues or overexertion.

Prolonged Period

An extended length of time, usually longer than typical or expected.