Bernice Has the Utility Function U(x, Y)F= Min{x, Y}

question 8

True/False

Bernice has the utility function U(x, y)F= min{x, y}.The price of x used to be 3 but rose to 4.The price of y remained at 1.Her income is 12.The price increase was as bad for her as a loss of $3 in income.

---

Definitions:

Imaginary Audience

An aspect of adolescent egocentrism; the belief that other people are as concerned with our thoughts and behaviors as we are.

Adolescents

Individuals in the transitional stage of physical and psychological development that occurs between childhood and adulthood.

Object Permanence

Recognition that objects removed from sight still exist, as demonstrated in young children by continued pursuit.

Infants

Very young children, especially those under one year of age, characterized by rapid developmental changes.