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Author Question: Jeremy maximizes utility by consuming both iced tea and coffee. Iced tea is priced at 1.50 per ... (Read 98 times)

Tirant22

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on: Jun 30, 2018
Jeremy maximizes utility by consuming both iced tea and coffee. Iced tea is priced at 1.50 per bottle and coffee at 2.00 per 16-ounce cup. Which of the following marginal utility pairs is inconsistent with Jeremy's consumer equilibrium at these prices?
 a. MU of iced tea = 3; MU of coffee = 4
  b. MU of iced tea = 4; MU of coffee = 3
  c. MU of iced tea = 6; MU of coffee = 8
  d. MU of iced tea = 3/4; MU of coffee = 1

Question 2

Other things being equal, the marginal revenue product for labor hired by a firm that is a monopolist in the output market:
 a. is represented by an upward sloping curve.
  b. is equal to the marginal revenue product for labor hired by a perfectly competitive firm.
  c. is less than the marginal revenue product for labor hired by a perfectly competitive firm.
  d. is greater than the marginal revenue product for labor hired by a perfectly competitive firm.
  e. is equal to the value of marginal product of labor.


momolu

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

b

Answer to Question 2

c


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