Yoram's Utility Function Is U(x, Y)= 2x + 5y

question 1

Multiple Choice

Yoram's utility function is U(x, y) = 2x + 5y.The price of x is $4 and the price of y is $15.Yoram has $150 a week to spend on x and y.Yoram is offered a chance to join a club of y consumers.If he joins, he can get y at a price of $10.What is the most that Yoram would be willing to pay to join the club?

• A)Nothing
• B)$30 a week
• C)$50 a week
• D)$75 a week
• E)None of the above.

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Definitions:

Extraversion

A personality trait characterized by outgoingness, high energy, and positive emotions towards social situations and interactions.

Avoids Mistakes

The act of preventing errors through careful planning, foresight, and taking corrective measures.

Conscientiousness

A personality trait marked by organization, dependability, and a strong sense of duty.

Deadlines

Specified times or dates by which tasks must be completed or objectives must be achieved.