Asked by
Joshua Hernandez
on Oct 14, 2024Verified
where x is whips and y is leather jackets, if Kinko's utility function were U(x, y) min6x, 3x 9y, then if the price of whips were $20 and the price of leather jackets were $40, Kinko would demand
A) 2 times as many leather jackets as whips.
B) 3 times as many whips as leather jackets.
C) 4 times as many leather jackets as whips.
D) 5 times as many whips as leather jackets.
E) only leather jackets.
Utility Function
A mathematical representation that captures an individual's preference ordering for a set of goods and services.
Leather Jackets
A type of outerwear made from the hide of animals, typically cows, known for its durability, style, and warmth.
Whips
In parliamentary practice, members of a political party designated to enforce party discipline and ensure party member attendance and voting in line with party policies.
- Implement the notion of budget limitations in the context of consumer decision-making.
Verified Answer
RN
Learning Objectives
- Implement the notion of budget limitations in the context of consumer decision-making.