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Bernice Has the Utility Function U(x, Y)F= Min{x, Y}

Question 8

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Bernice has the utility function U(x, y)F= min{x, y}.The price of x used to be 3 but rose to 4.The price of y remained at 1.Her income is 12.The price increase was as bad for her as a loss of $3 in income.

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