Refer to the figure below. If the price of Good A is $2 and the price of Good B is $6, then the rational spending rule is satisfies when the consumer purchases ______ units of Good A and ______ units of Good B.
Select one:
a. 1; 1
b. 2; 1
c. 4; 3
d. 3; 2
Homework Answers
Answer is C. 4,3
Because it satisfies the rational spending rule and correlates to substitution and income effects .
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Refer to the table above. Assume that the price of good X is $2
per unit, the price of good Y is $5 per unit, and that the consumer
spends a total of $44 on both goods. What combination of
X and Y will the consumer purchase in order to maximize
utility?
A.
We don’t have enough information of determine his consumption
bundle.
B.
He will spend more on X than on Y because X is less expensive
than Y.
C....
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Refer to the table above. Assume that the price of good X is $2
per unit, the price of good Y is $5 per unit, and that the consumer
spends a total of $44 on both goods. What combination of
X and Y will the consumer purchase in order to maximize
utility?
A.
We don’t have enough information of determine his consumption
bundle.
B.
He will spend more on X than on Y because X is less expensive
than Y.
C....
1. Refer to the Figure below. The external cost associated with producing the good is: The following Figure shows the marginal internal cost [Cl], the marginal total cost [CZ], and the demand curve [D], associated with a particular good. Price 8 7 C2 5 -C1 D 8 10 15 17 Quantity a) $5. b) $7. c) $8. d) $12. e) $2. 2. Which of the following is a source of market failure? a) Unexpected shifts in demand and supply. b)...
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