Betsy's Utility Function for BMWs and Money Is Given by 24,000x

question 5

Multiple Choice

Betsy's utility function for BMWs and money is given by 24,000x + y, where x is the number of BMWs she has and y is the amount of money she has.Her income is $32,000.Her reservation price for one BMW is

• A)$24,000.
• B)$24,000 - p.
• C)$24,000 - y.
• D)$8,000.
• E)$56,000.

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Definitions:

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