Author Question: Rationality is a normative concept. Indicate whether the statement is true or ... (Read 49 times)

mp14

  • Hero Member
  • *****
  • Posts: 534
Rationality is a normative concept.
  Indicate whether the statement is true or false

Question 2

Consumers should allocate their income so that the marginal utility associated with the:
 a. first dollar spent is equal for all goods.
  b. last dollar spent is equal for all goods.
  c. last dollar spent is lower for high-priced items than for low-priced items.
  d. first dollar spent is greater for high-priced items than for low-priced items.
  e. first dollar spent is less for high-priced items than for low-priced items.



dominiqueenicolee

  • Sr. Member
  • ****
  • Posts: 314
Answer to Question 1

F

Answer to Question 2

b



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

It is believed that the Incas used anesthesia. Evidence supports the theory that shamans chewed cocoa leaves and drilled holes into the heads of patients (letting evil spirits escape), spitting into the wounds they made. The mixture of cocaine, saliva, and resin numbed the site enough to allow hours of drilling.

Did you know?

Giardia is one of the most common intestinal parasites worldwide, and infects up to 20% of the world population, mostly in poorer countries with inadequate sanitation. Infections are most common in children, though chronic Giardia is more common in adults.

Did you know?

A good example of polar molecules can be understood when trying to make a cake. If water and oil are required, they will not mix together. If you put them into a measuring cup, the oil will rise to the top while the water remains on the bottom.

Did you know?

Certain topical medications such as clotrimazole and betamethasone are not approved for use in children younger than 12 years of age. They must be used very cautiously, as directed by a doctor, to treat any child. Children have a much greater response to topical steroid medications.

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

For a complete list of videos, visit our video library