If Bernice (Whose Utility Function Is Min{x, Y}, Where X

question 30

Multiple Choice

If Bernice (whose utility function is min{x, y}, where x is her consumption of earrings and y is money left for other stuff) had an income of $13 and was paying a price of $2 for earrings when the price of earrings went up to $3, then the equivalent variation of the price change was

• A)$3.25.
• B)$4.33.
• C)$8.67.
• D)$1.63.
• E)$3.79.

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Definitions:

Continuous Infusion

The delivery of medication or fluids into the bloodstream at a constant rate over an extended period of time.

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A chemical compound known as table salt, essential for human health but required in moderation.

Microdrip Gravity Drip Tubing

A type of IV tubing designed for precise fluid delivery, using gravity, at a rate of typically 60 drops per mL.

Minute Flow Rate

A measurement of the volume of fluid delivered by a device in one minute, essential for precise dosing in medical treatments.