« previous next »

Author Question: Jeremy maximizes utility by consuming both iced tea and coffee. Iced tea is priced at 1.50 per ... (Read 57 times)

Tirant22

  • Hero Member
  • *****
  • Posts: 532
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

  • Sr. Member
  • ****
  • Posts: 320
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

c


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Methicillin-resistant Staphylococcus aureus or MRSA was discovered in 1961 in the United Kingdom. It if often referred to as a superbug. MRSA infections cause more deaths in the United States every year than AIDS.

Methicilli ...
Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

As many as 28% of hospitalized patients requiring mechanical ventilators to help them breathe (for more than 48 hours) will develop ventilator-associated pneumonia. Current therapy involves intravenous antibiotics, but new antibiotics that can be inhaled (and more directly treat the infection) are being developed.

Did you know?

The first successful kidney transplant was performed in 1954 and occurred in Boston. A kidney from an identical twin was transplanted into his dying brother's body and was not rejected because it did not appear foreign to his body.

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Carpilius convexus consuming Heterocentrotus trigonarius in Hawaii Carpilius convexus consuming Heterocentrotus trigonarius in Hawaii
Morning Coffee Morning Coffee
Jeremy Bentham, A General Idea of a Penitentiary Panopticon, drawn by Willey Reveley. Jeremy Bentham, A General Idea of a Penitentiary Panopticon, drawn by Willey Reveley.
A utility knife uses replaceable blades and can cut carpet and other materials. A utility knife uses replaceable blades and can cut carpet and other materials.
An organizational specialist is hired as a consultant to a company planning to open a coffee ... An organizational specialist is hired as a consultant to a company planning to open a coffee ...
Wood coffee table Wood coffee table
Video: Immune responses Animation

For a complete list of videos, visit our video library