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Author Question: In the above figure, as Brendan's income rises his consumption bundle moves from point A to point C. ... (Read 122 times)

kshipps

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on: Jun 29, 2018
In the above figure, as Brendan's income rises his consumption bundle moves from point A to point C. This implies that for Brendan, compact discs are ________ good and haircuts are ________ good.
 
  A) a normal; an inferior
  B) a normal; a normal
  C) an inferior; an inferior
  D) an inferior; a normal

Question 2

Amy has the total utility values given above for DVD rentals a week. Complete the table by calculating her marginal utilities.
 
  What will be an ideal response?


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ciecieme

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

Quantity
(rentals per week) Total utility Marginal utility
0 0 X
1 28 28
2 54 26
3 78 24
4 100 22
5 120 20
6 138 18
7 154 16

The completed table is above.


kshipps

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Reply #2 on: Jun 29, 2018
Thank you :)


ciecieme

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Reply #3 on: Jun 29, 2018
Happy to help you


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