Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Chapter 22, Problem 3E
To determine
To explain:
The behaviour of
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If u(x, y) is a utility function, then v(u) = −u is a function that qualifies monotonic transformation. Do you agree with this statement? Explain!
Nikki decided to jog 3 miles for exercise by reasoning that a 3-mile jog was better than either a 2-mile jog or a 4-mile jog
OA. Neither type of optimization, since she is not considering the total benefits of alternatives.
OB. Optimization using total value, since she is comparing the net benefits between alternatives.
OC. Both types of optimization, since she is considering the net benefits of alternatives.
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OD. Optimization using marginal analysis, since she is calculating the difference in net benefits between alternatives.
OE. Optimization using total value, since she is making marginal comparisons.
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