This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: A decrease in the price of product X will: a. increase the marginal utility per dollar spent on X. ... (Read 86 times)

segrsyd

  • Hero Member
  • *****
  • Posts: 530
on: Jun 30, 2018
A decrease in the price of product X will:
 a. increase the marginal utility per dollar spent on X.
 b. decrease the marginal utility per dollar spent on X.
 c. result in an increase in the total utility from consumption of X.
  d. do both (a) and (c).

Question 2

Suppose the output of a firm hiring workers in a competitive labor market increases by three units when an additional worker is hired. This firm will hire more laborers if the market price of its product is 4 and the wage rate is 9 . Hint: Marginal revenue product of a resource is equal to the product of marginal product of the resource and the marginal revenue of the firm.
 a. True
  b. False
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

zogaridan

  • Sr. Member
  • ****
  • Posts: 328
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

True


segrsyd

  • Member
  • Posts: 530
Reply 2 on: Jun 30, 2018
Excellent

lkanara2

  • Member
  • Posts: 329
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

The Food and Drug Administration has approved Risperdal, an adult antipsychotic drug, for the symptomatic treatment of irritability in children and adolescents with autism. The approval is the first for the use of a drug to treat behaviors associated with autism in children. These behaviors are included under the general heading of irritability and include aggression, deliberate self-injury, and temper tantrums.

Did you know?

The cure for trichomoniasis is easy as long as the patient does not drink alcoholic beverages for 24 hours. Just a single dose of medication is needed to rid the body of the disease. However, without proper precautions, an individual may contract the disease repeatedly. In fact, most people develop trichomoniasis again within three months of their last treatment.

Did you know?

No drugs are available to relieve parathyroid disease. Parathyroid disease is caused by a parathyroid tumor, and it needs to be removed by surgery.

Did you know?

The most common treatment options for addiction include psychotherapy, support groups, and individual counseling.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Changes in Time Spent with Family Members Changes in Time Spent with Family Members
When using forearm pressure on the top of the shoulder, push with your back foot to increase your ... When using forearm pressure on the top of the shoulder, push with your back foot to increase your ...
Patent medicines contained a name brand that clearly identified the product and claimed to cure just ... Patent medicines contained a name brand that clearly identified the product and claimed to cure just ...
The direct product of phosphate hydrolysis from PEP is the enol form of pyruvate The direct product of phosphate hydrolysis from PEP is the enol form of pyruvate
the transamination product of tryptophan is decarboxylated to yield indole-3-acetic acid, or auxin the transamination product of tryptophan is decarboxylated to yield indole-3-acetic acid, or auxin
Product Rule Product Rule
Video: Atrial natriuretic peptide (vasodilation) & Aldosterone

For a complete list of videos, visit our video library