Refer to the graph below. Suppose you had tastes as described by the indifference curves above. If your income was $90, Px = 30 and Py = 10, which combination of X and Y would maximize your utility?
A. 3X and 0Y
B. 0X and 9Y
C. 3X and 9Y
D. 1X and 6Y
B. 0X and 9Y
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Technological change will
A) shift the per-worker production function down. B) move the economy to a point beneath the per-worker production function. C) shift the per-worker production function up. D) move the economy along a given per-worker production function.
How might strict adherence to the Taylor rule discourage demand-pull inflation? How might demand-pull inflation occur, nonetheless?
What will be an ideal response?
According to Malthus, how do economic growth and population relate to each other?
The entrepreneur
a. serves as a liaison between management and labor b. owns all of the factors of production c. allocates the risk and uncertainties of enterprise to others d. assumes the risk and uncertainties of enterprise e. earns more than labor