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Author Question: You may consume ice cream or frozen yogurt, and ice cream consumption is plotted along the ... (Read 78 times)

evelyn o bentley

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on: Jul 1, 2018
You may consume ice cream or frozen yogurt, and ice cream consumption is plotted along the horizontal axis of your indifference map. The prices are denoted PY for frozen yogurt and PIC for ice cream.
 
  Under what condition will you only consume frozen yogurt? A) MRS is greater than PIC/PY
  B) MRS is less than PIC/PY
  C) MRS is less than PY/PIC
  D) MRS is infinite

Question 2

Price ceilings can result in a net loss in consumer surplus when the ________ curve is ________.
 
  A) demand; very elastic
  B) demand; very inelastic
  C) supply; very inelastic
  D) none of the above; price ceilings always increase consumer surplus


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prumorgan

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

B


evelyn o bentley

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

nathang24

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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