Harvey Habit Has a Utility Function U(c₁, C₂)=min{c₁, C₂}

question 50

Multiple Choice

Harvey Habit has a utility function U(c₁, c₂) =min{c₁, c₂}.If he had an income of $1,230 in period 1 and $615 in period 2 and if the interest rate were 0.05, how much would Harvey choose to spend on bread in period 1?

• A)$1,860
• B)$465
• C)$1,395
• D)$310
• E)$930

Differentiate between motivator and hygiene factors according to Herzberg's two-factor theory.

Comprehend the principles of equity theory, including how perceptions of inequity can influence employee behavior.

Grasp McClelland's acquired needs theory and how it differs from other motivation theories.

Recognize the importance of job enrichment and how it relates to motivator factors.

---

Definitions:

Ego Integrity

A sense of wholeness and fulfillment achieved in late adulthood, as conceptualized by Erik Erikson, marked by acceptance of one's life and death.

Body Transcendence

A concept referring to the ability of individuals, often in older adulthood, to find meaning and satisfaction beyond the physical limitations of the body.

Somatic Representation

The way in which the body and its physical sensations are perceived and represented in the brain, often related to how pain or other sensory stimuli are processed.

Ego Identification

The process by which an individual forms an understanding of themselves through associations with certain groups, roles, ideals, etc.