The Demand Function for Good C Is Derived from the Utility

question 64

Multiple Choice

The demand function for good C is derived from the utility function,U = C ^$\alpha$ M ^{$\alpha$ -1} depends upon:

• A)the consumer's income and the prices of C and M.
• B)the consumer's income and the price of C
• C)the consumer's income and the price of M.
• D)the prices of both C and M,but not income.

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Definitions:

Visual Representation

The use of images, diagrams, graphs, or other visual formats to present data or information for easier understanding.

Proportion

A statistical measure that refers to the fraction of the total number of outcomes in a particular category.

Frequency Polygon

A graphical representation of the distribution of a dataset that shows how often each value in the dataset occurs.

Ogive

A graphical representation of the cumulative frequency or cumulative relative frequency on a graph.