If Bernice (Whose Utility Function Is Min{x, Y}, Where X

question 24

Multiple Choice

If Bernice (whose utility function is min{x, y}, where x is her consumption of earrings and y is money left for other stuff) had an income of $10 and was paying a price of $3 for earrings when the price of earrings went up to $4, then the equivalent variation of the price change was

• A)$2.
• B)$2.50.
• C)$5.
• D)$1.
• E)$2.25.

---

Definitions:

Team Leader

An individual who leads, guides, and manages a group of people or team to achieve specific goals and objectives, often responsible for motivating and coordinating the team’s efforts.

Teamwork Process

The collaborative efforts of a group of individuals working together to achieve a common goal.

Student Teams

Groups of students assembled to work together on projects, assignments, or competitions, often within an educational setting.

Electronic Communication

Refers to the transmission of information using electronic systems such as email, social media, and messaging apps.