Harvey Habit Has a Utility Function U(c₁, C₂)= Min{c₁, C₂}

question 2

Multiple Choice

Harvey Habit has a utility function U(c₁, c₂) = min{c₁, c₂}.If he had an income of $430 in period 1 and $860 in period 2 and if the interest rate were 15%, how much would Harvey choose to spend on bread in period 1?

• A)$945
• B)$210
• C)$315
• D)$1,260
• E)$630

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Definitions:

Social Aggression

Behaviors that intend to harm someone through manipulation or damage to their social relationships.

Jealousy

A feeling of envy or resentment towards someone due to their achievements, possessions, or perceived advantages.

10-year-old Girl

A female child or individual who is ten years of age.

Relate to Others

The ability to understand, empathize, and connect with different individuals or groups.