Astrid's Utility Function Is U(H_A, C_A)= H_AC_A

question 1

Multiple Choice

Astrid's utility function is U(H_A, C_A) = H_AC_A.Birger's utility function is min{H_B, C_B}.If Astrid's initial endowment is no cheese and 20 units of herring and if Birger's initial endowments are 9 units of cheese and no herring, then where p is a competitive equilibrium price of herring and cheese is the numeraire, demand equals supply in the herring market.This implies that

• A)9/p + 20/2p = 20.
• B)9/20 = p.
• C)20/9 = p.
• D)9/(p + 1)+ 10 = 20.
• E)min{20, 9)= p.

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Definitions:

Living Cell

The basic unit of life that is capable of performing all essential functions characterized by life, including reproduction and metabolism.

Substrate Concentration

The amount of substrate present that can be converted by an enzyme into a product in a chemical reaction.

Enzymatic Activity

The process by which enzymes act as catalysts to speed up biochemical reactions.

Enzyme Activity

The process by which enzymes catalyze chemical reactions, crucial for cellular functions and metabolic processes.