Where X Is Whips and Y Is Leather Jackets, If

question 27

Multiple Choice

where x is whips and y is leather jackets, if Kinko's utility function were U(x, y) = min{5x, 3x + 6y}, then if the price of whips were $20 and the price of leather jackets were $20, Kinko would demand

• A)3 times as many whips as leather jackets.
• B)4 times as many leather jackets as whips.
• C)2 times as many leather jackets as whips.
• D)5 times as many whips as leather jackets.
• E)only leather jackets.

---

Definitions:

Unemployment

The situation where individuals who are able and willing to work cannot find employment.

Withdrawal Of Labor

The act of removing oneself from the labor force or stopping the supply of labor, often in the form of strikes or quitting a job.

Strike

The organized withdrawal of labor from a firm by a union.

Minimum-wage Laws

Legislation that sets the lowest hourly wage rate that an employer can legally pay its workers, aiming to ensure a minimum standard of living.