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

Author Question: As the price of a Giffen good falls, the consumer will A) purchase more units. B) purchase fewer ... (Read 71 times)

clippers!

  • Hero Member
  • *****
  • Posts: 828
on: Jul 1, 2018
As the price of a Giffen good falls, the consumer will
 
  A) purchase more units.
  B) purchase fewer units.
  C) not change the amount purchased.
  D) There is not enough information to answer this question.

Question 2

Three individuals have 1000 and identical preferences for gum, g, and cigarettes, s, as measured by the utility function U(g,s) = 10g0.9s0.1. The price of gum is 9 and the price of cigarettes is 12. What is the market surplus/shortage at a price of 12 when the supply of cigarettes is 5?
 
  A) There will be a shortage of 3 cigarettes.
  B) There will be a surplus of 3 cigarettes.
  C) There will be a shortage of 2/3 cigarettes.
  D) There will be a surplus of 2/3 cigarettes.
Microeconomics ¦ Perloff ¦ 8th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

medine

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jul 1, 2018
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 25% of students answer this correctly


clippers!

  • Member
  • Posts: 828
Reply 2 on: Jul 1, 2018
Excellent

rachel

  • Member
  • Posts: 323
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

The average older adult in the United States takes five prescription drugs per day. Half of these drugs contain a sedative. Alcohol should therefore be avoided by most senior citizens because of the dangerous interactions between alcohol and sedatives.

Did you know?

A cataract is a clouding of the eyes' natural lens. As we age, some clouding of the lens may occur. The first sign of a cataract is usually blurry vision. Although glasses and other visual aids may at first help a person with cataracts, surgery may become inevitable. Cataract surgery is very successful in restoring vision, and it is the most frequently performed surgery in the United States.

Did you know?

By definition, when a medication is administered intravenously, its bioavailability is 100%.

Did you know?

There are 60,000 miles of blood vessels in every adult human.

Did you know?

The first documented use of surgical anesthesia in the United States was in Connecticut in 1844.

Galaxies Forming by Combining Smaller Units Galaxies Forming by Combining Smaller Units
Galaxies Forming by Combining Smaller Units Galaxies Forming by Combining Smaller Units
Good ethical judgment comes from both learning and experience. Good ethical judgment comes from both learning and experience.
Nutrient-Dense Food Choices Nutrient-dense foods provide more nutrition per calorie and fewer solid Nutrient-Dense Food Choices Nutrient-dense foods provide more nutrition per calorie and fewer solid
Because the factor h on the right side of the Heisenberg uncertainty principle has units of ... Because the factor h on the right side of the Heisenberg uncertainty principle has units of ...
Neurons and glia: Neurons are the basic functional units of the brain Neurons and glia: Neurons are the basic functional units of the brain
Video: Types of Shock (Part 2 of 2)

For a complete list of videos, visit our video library