Multiple Choice
Suppose that U(x,y) = min(3x,y) . Further suppose that Px = $5 per unit and Py = $10 per unit and income is I = $105. For this consumer, the optimal basket to buy would be
A) (x,y) = (9,3)
B) (x,y) = (3,1)
C) (x,y) = (1,3)
D) (x,y) = (3,9)
Correct Answer:
Verified
Correct Answer:
Verified
Q12: Identify the statement that is false.<br>A) An
Q13: Suppose a consumer has an income equal
Q14: Consider the concept of revealed preference. Suppose
Q15: Suppose that MU<sub>x</sub> = 10 and MU<sub>y</sub>
Q18: Evaluate the truthfulness of the following statements.
Q19: Suppose the price of A is $20,
Q20: Revealed preferences tells us that if basket
Q22: Suppose that candies are usually sold at
Q32: The theory of consumer choice:<br>A)describes how a
Q42: When given a choice between a cash