The Only Quantities of Good 1 That Barbie Can Buy

question 21

Multiple Choice

the only quantities of good 1 that Barbie can buy are 1 unit or zero units.For x₁ equal to zero or 1 and for all positive values of x₂, suppose that Barbie's preferences were represented by the utility function (x₁ + 10) (x₂ + 4) .Then if her income were $12, her reservation price for good 1 would be

• A)$2.50.
• B)$1.45.
• C)$2.91.
• D)$2.50
• E)$.30.

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Definitions:

Constitutional Basis

The fundamental principles or established precedents according to which a state or other organization is governed, as outlined in its constitution.

Judicial Power

The authority vested in courts and judges to interpret and apply the law, adjudicate legal disputes, and in some cases, enforce or nullify laws based on their constitutionality.

Public Opinion

The collective attitudes, beliefs, and views of the adult population on various issues, often measured through surveys or polls.

Judiciary Check

Mechanisms under which judicial branches review the actions of executive and legislative branches to ensure they are constitutional.