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Author Question: If two goods, x and y, are perfect substitutes, then which of the following best represents the ... (Read 49 times)

cartlidgeashley

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on: Jul 1, 2018
If two goods, x and y, are perfect substitutes, then which of the following best represents the utility function for the two goods?
 
  A) U = x + y
  B) U = x  y
  C) U = x2 + y2
  D) Any of the above.

Question 2

A collective consumption good may be inefficiently produced by the private sector because _____.
 
  a. it is inefficient to raise price above marginal cost
  b. of free riding problems
  c. fixed costs are too high
   d. private producers are greedy


sylvia

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Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

a


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