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Author Question: The demand for corn increases. As a result, the price of corn will ________, and the less elastic ... (Read 263 times)

meagbuch

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on: Jun 29, 2018
The demand for corn increases. As a result, the price of corn will ________, and the less elastic the supply of corn, the ________ will be the effect on the price.
 
  A) fall; smaller
  B) fall; greater
  C) rise; smaller
  D) rise; greater

Question 2

Sonya's budget for magazines and chocolate bars is 50. Her marginal utility from these goods is shown in the table above. If the price of a magazine is 5 and the price of a chocolate bar is 2.
 
  50, which of the following combinations maximizes Sonya's utility? A) 1 magazine and 18 chocolate bars
  B) 2 magazines and 20 chocolate bars
  C) 3 magazines and 14 chocolate bars
  D) 5 magazines and 10 chocolate bars


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quynhmickitran

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

D

Answer to Question 2

C


meagbuch

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

nyrave

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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