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Author Question: Starbucks sells coffee in both New York City and in rural upstate New York. The price of coffee is ... (Read 227 times)

sdfghj

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on: Jun 29, 2018
Starbucks sells coffee in both New York City and in rural upstate New York. The price of coffee is higher in New York City.
 
  This fact means that the value of marginal product of land is ________ in New York City and so Starbucks is willing to pay a ________ rent in New York City. A) lower; lower
  B) higher; lower
  C) lower; higher
  D) higher; higher

Question 2

The above figure shows Jane's budget line and two of her indifference curves. Which of the following happens to Jane's budget line if the price of a steak dinner fell?
 
  A) It would rotate inward around the vertical intercept, 10 lobster dinners.
  B) It would rotate outward around the vertical intercept, 10 lobster dinners.
  C) It would rotate inward around the horizontal intercept, 20 steak dinners.
  D) It would rotate outward around the horizontal intercept, 20 steak dinners.


aloop

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

B


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sdfghj

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Reply #2 on: Jun 29, 2018
Thank you


aloop

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Reply #3 on: Jun 29, 2018
No problemo


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