Multiple Choice
Let w be the number of whips and j the number of leather jackets.If Kinko's utility function is U(x, y) =min{7w, 4w + 12j}, then if the price of whips is $20 and the price of leather jackets is $40, Kinko will demand
A) 6 times as many whips as leather jackets.
B) 5 times as many leather jackets as whips.
C) 3 times as many whips as leather jackets.
D) 4 times as many whips as leather jackets.
E) only leather jackets.
Correct Answer:

Verified
Correct Answer:
Verified
Q5: If preferences are homothetic, then the slope
Q6: Georgina consumes only grapefruits and pineapples.Her utility
Q7: Quasilinear preferences are homothetic when the optimal
Q8: Prudence was maximizing her utility subject to
Q9: Ambrose's brother Sebastian has a utility function
Q11: Briefly explain in a sentence or two
Q12: If income is doubled and all prices
Q13: Between 1990 and 2000, a particular consumer's
Q14: Ray Starr has the utility function U(x,
Q15: Natalie consumes only apples and tomatoes.Her utility