Poindexter's Utility Function Is U(x, Y)= Min{x + 2y, 3x

question 6

Multiple Choice

Poindexter's utility function is U(x, y) = min{x + 2y, 3x + y}, where x is butter and y is guns.If the price of butter is $4 and the price of guns is $5, what would it cost Poindexter to buy the cheapest bundle that he likes as well as 4 units of butter and 3 units of guns?

• A)$31
• B)$32
• C)$29
• D)$28
• E)None of the above.

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Definitions:

Incremental Approach

A method of project management and development that breaks down the work into smaller segments, delivering parts of the project in iterations.

BPI

Business Process Improvement, a systematic approach to help an organization optimize its underlying processes to achieve more efficient results.

Variation

Differences or discrepancies that occur in data, objects, or processes, which can influence outcomes or performances.

Information Overload

A state of having too much information to make a decision or remain informed about a subject.