Suppose $U = \min ( X , Y )$ And the Price of X Is 1,the Price of Y

question 49

Multiple Choice

Suppose $U = \min ( X , Y )$ and the price of X is 1,the price of Y is 1 and income is $12.If the price of X increases to 2,the substitution effect is

• A)2
• B)-1
• C)0
• D)-2

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Definitions:

Autonomous Motivation

The drive to engage in an activity out of genuine interest or internal value, rather than external pressures or demands.

Cultures

The collective norms, values, beliefs, and customs of a group of people that distinguish them from other groups.

Equality Norm

A principle that advocates for equal treatment and fairness among members of a group or society.

Reward Allocation

A system or process in which rewards such as bonuses, promotions, or other incentives are distributed to employees based on their performance or achievements.