Asked by
Shifa alameri
on Oct 14, 2024
Verified
where x is whips and y is leather jackets, if Kinko's utility function were U(x, y) min5x, 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.
Utility Function
A mathematical representation of a consumer's preference ordering over a set of goods and services.
Leather Jackets
Garments made from the skin of animals, primarily cows, processed and designed for wear primarily as outerwear.
- Utilize budgetary restrictions to analyze choices made by consumers.
Verified Answer
SM
Learning Objectives
- Utilize budgetary restrictions to analyze choices made by consumers.