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

Author Question: The price of shrimp is 10.00 per pound and the price of lobster is 15.00 per pound. The marginal ... (Read 158 times)

moongchi

  • Hero Member
  • *****
  • Posts: 516
on: Jun 30, 2018
The price of shrimp is 10.00 per pound and the price of lobster is 15.00 per pound. The marginal utility to Mike of pound of shrimp consumed is 60 utils. If Mike maximizes his satisfaction by consuming both shrimp and lobster, we would expect the marginal utility of the last pound of lobster consumed to equal:
 a. 40 utils
 b. 60 utils
 c. 90 utils
 d. 150 utils

Question 2

A perfectly competitive employer of an input will maximize profits from the employment of the input by equating:
 a. the value of the marginal product of the input with the price of the output.
  b. the marginal product of the last unit of the input employed with the input price.
  c. the input price with the price of the product produced.
  d. the marginal revenue product of the input with the input price.
  e. the marginal product of the last unit of the input employed with the price of the product produced.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

fur

  • Sr. Member
  • ****
  • Posts: 309
Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

d


moongchi

  • Member
  • Posts: 516
Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

sarah_brady415

  • Member
  • Posts: 328
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

Atropine was named after the Greek goddess Atropos, the oldest and ugliest of the three sisters known as the Fates, who controlled the destiny of men.

Did you know?

In the United States, there is a birth every 8 seconds, according to the U.S. Census Bureau's Population Clock.

Did you know?

Women are two-thirds more likely than men to develop irritable bowel syndrome. This may be attributable to hormonal changes related to their menstrual cycles.

Did you know?

Though Candida and Aspergillus species are the most common fungal pathogens causing invasive fungal disease in the immunocompromised, infections due to previously uncommon hyaline and dematiaceous filamentous fungi are occurring more often today. Rare fungal infections, once accurately diagnosed, may require surgical debridement, immunotherapy, and newer antifungals used singly or in combination with older antifungals, on a case-by-case basis.

Did you know?

You should not take more than 1,000 mg of vitamin E per day. Doses above this amount increase the risk of bleeding problems that can lead to a stroke.

Approximately 1 pound (0.45 kg) of ground elk meat formed into patties; note the relatively small fa Approximately 1 pound (0.45 kg) of ground elk meat formed into patties; note the relatively small fa
Zoea larva of the European lobster, Homarus gammarus Zoea larva of the European lobster, Homarus gammarus
How to create a price index to calculate inflation for a basket of goods How to create a price index to calculate inflation for a basket of goods
U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994 U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994
Shrimp & Caviar Canapés Shrimp & Caviar Canapés
If the price charged for a candy bar is p(x) cents, then x thousand candy bars will be sold in ... If the price charged for a candy bar is p(x) cents, then x thousand candy bars will be sold in ...
Video: Virtual Enzyme Kinetics & Lineweaver Burk Plot

For a complete list of videos, visit our video library