Homework Answers
We can see that this point lies on the budget constraint which means consumer is using all his income. however at this point the marginal rate of substitution is less than the slope of the budget constraint which means that consumer is using too much of X and using too little of Y. The marginal benefit of buying more X is less than its marginal cost so that the consumption of X should be decreased
Select option B.
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Quanto Quantity Question 3 of 5 At point D, the O A. Marginal benefit of buying...
Question 1 (1 point) (1 Point) We assume that the representative consumer's preferences exhibit the properties...
Question 1 (1 point) (1 Point) We assume that the representative consumer's preferences exhibit the properties that Oa) they evolve over time and that more is always preferred to less. Ob) more is sometimes preferred to less and that consumption and leisure are both normal goods c) more is preferred to less and that the consumer prefers diversity d) the consumer likes diversity and that more is sometimes preferred to less. Question 2 (1 point) (1 Point) A good is...
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Question 18 (1 point) When a tax is placed on the sellers of a product, buyers...
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Question 8 (1 point) If we represents a two-period consumer's lifetime wealth and r denotes the...
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If there is a market outcome in which the marginal benefit to consumers of the last...
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10. A company can achieve a pure benefit or economic benefit only when: a) The marginal...
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Please answer all following questions Question 3 (The answer is Not D) The following are proper...
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o Marginal benefitmarginal cost dollars per person) MSC 120 The graph shows the marginal social benefit...
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Question 9 1 pts Logan Roy is spending all his money income by buying mineral water...
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1. Individual A and B have the following marginal benefits for private good X: MBA =...
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Question 1 (1 point) (1 Point) We assume that the representative consumer's preferences exhibit the properties that Oa) they evolve over time and that more is always preferred to less. Ob) more is sometimes preferred to less and that consumption and leisure are both normal goods c) more is preferred to less and that the consumer prefers diversity d) the consumer likes diversity and that more is sometimes preferred to less. Question 2 (1 point) (1 Point) A good is...
Price per unit S (Marginal cost) H с B X A D (Marginal benefit) F E Quantity (per period) The figure above shows a market failure. Based on the figure, what is true if production is at level G? Price is equal to marginal cost and greater than marginal benefit. Marginal benefit is equal to marginal cost. Marginal benefit is less than marginal cost. Marginal benefit is greater than marginal cost. QUESTION 62 с Price per unit $25 and marginal...
Question 18 (1 point) When a tax is placed on the sellers of a product, buyers pay O a) less, and sellers receive less than they did before the tax. Ob) more, and sellers receive more than they did before the tax. Oc) less, and sellers receive more than they did before the tax. d) more, and sellers receive less than they did before the tax. Question 19 (1 point) If the price elasticity of demand for a good is...
Question 8 (1 point) If we represents a two-period consumer's lifetime wealth and r denotes the real rate of interest, the vertical (future consumption) intercept of the consumer's budget line is equal to Owe. (1+r)/we O-(1 + r)c + we(1+r). we(1 + r). Owe/(1+r) Question 9 (1 point) A consumer is a borrower if the consumer's indifference curves are relatively steep. O optimum current consumption is less than current disposable income. O optimum current consumption is greater than current disposable...
10. A company can achieve a pure benefit or economic benefit only when: a) The marginal cost is equal to the marginal revenue b) The marginal cost is equal to the price. c) The average total cost is less than the average income. d) Net income is growing e) None of the above. 11. When the company is manufacturing and selling a volume of production such that the average total cost is equal to its average income, that company: a)...
o Marginal benefitmarginal cost dollars per person) MSC 120 The graph shows the marginal social benefit and marginal social cost of a waste disposal system in a city of 1 million people M voters are well informed about the costs and benefits of the waste disposal system, what capacity will they choose in a referendum? voters are well informed they will choose a capacity of million gallons a day >>> Answer to 1 decimal place If voters are rationally ignorant,...
Question 9 1 pts Logan Roy is spending all his money income by buying mineral water and popcorn. At his current consumption level, the marginal utility of mineral water is 70 and the marginal utility of popcorn is 60. The price of a bottle of mineral water is $2.00 and the price of a box of popcorn is $1.50. The utility-maximizing rule suggests that Logan should: O Increase consumption of popcorn and increase consumption of mineral water Decrease consumption of...
1. Individual A and B have the following marginal benefits for private good X: MBA = 10 - XA MBg = 10 - XB While the cost of producing each unit is 2 dollarsyi.e., MC = 2). You are asked to: a. On a graph, find the market demand function for private good X (hint: make sure to label the angles, elbows, and corners as needed). b. Find the market equilibrium. e. Find consumer A quantity demanded, and consumer B...
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