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Author Question: As long as the marginal utilities per dollar obtained from the last unit of all products consumed ... (Read 16 times)

asmith134

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on: Jun 30, 2018
As long as the marginal utilities per dollar obtained from the last unit of all products consumed are the same, _____.
 a. the consumer is in equilibrium and will not reallocate income
  b. the consumer is not in equilibrium and will reallocate income
  c. the consumer is most likely operating a budget deficit
  d. the consumer is not maximizing utility
  e. the government will recognize this as an intolerable disequilibrium and will most likely intervene by imposing a tax and reallocate the consumer's income

Question 2

Which of the following is true?
 a. If average total cost is less than marginal cost, then average total cost is decreasing.
  b. If average total cost exceeds marginal cost, then average total cost is decreasing.
  c. If average total cost exceeds marginal cost, then average total cost is increasing.
  d. If average total cost is less than marginal cost, then average total cost is constant.


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frankwu0507

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

b


asmith134

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Reply #2 on: Jun 30, 2018
Thank you :)


frankwu0507

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Reply #3 on: Jun 30, 2018
Happy to help you


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