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Elmer's Utility Function Is U(x, Y)= Min{x, Y2}

Question 15

Multiple Choice

Elmer's utility function is U(x, y) = min{x, y2}.If the price of x is $20, the price of y is $20, and Elmer chooses to consume 8 units of y, what must Elmer's income be?


A) $2,880
B) $320
C) $1,540
D) $1,440
E) There is not enough information to tell.

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