Bernice's Utility Function Is U(x, Y)= Min{x, Y}

question 36

True/False

Bernice's utility function is U(x, y)= min{x, y}.The price of x used to be 3 but rose to 4.The price of y remained at 1.Her income is 12.She would need an income of $15 to be able to afford a bundle as good as her old one at the new prices.

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Definitions:

Operant Conditioning

A method of learning that occurs through rewards and punishments for behavior, emphasizing the influence of consequences on behavior.

Reinforcement

In behavioral psychology, a consequence that strengthens an organism's future behavior whenever that behavior is preceded by a specific antecedent stimulus.

Punishment

A process that decreases the likelihood of a behavior being repeated by applying an adverse stimulus or removing a rewarding stimulus following the behavior.

Responsible Behavior

Actions that are accountable and ethical, demonstrating a readiness to answer or be responsible for one's conduct.