« previous next »

Author Question: Marginal utility theory predicts that a rise in the price of a banana results in A) the demand ... (Read 75 times)

scienceeasy

  • Hero Member
  • *****
  • Posts: 565
on: Jun 29, 2018
Marginal utility theory predicts that a rise in the price of a banana results in
 
  A) the demand curve for bananas shifting rightward.
  B) the demand curve for bananas shifting leftward.
  C) a movement upward along the demand curve for bananas.
  D) a movement downward along the demand curve for bananas.

Question 2

The figure above represents the production possibilities frontier for a country. a) The nation is currently producing at point B and wants to move to point C.
 
  What is the opportunity cost of the move? b) The nation is currently producing at point B and wants to move to point A. What is the opportunity cost of the move?


patma1981

  • Sr. Member
  • ****
  • Posts: 292
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

a) By moving from point B to point C, the production of automobiles decreases by 1 million, from 3 million to 2 million. The 1 million decrease in automobiles is the opportunity cost of the movement.
b) By moving from point B to point A, the production of cameras decreases by 3 million, from 3 million to 0 million. The 3 million decrease in cameras is the opportunity cost of the movement.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Did you know?

Atropine, along with scopolamine and hyoscyamine, is found in the Datura stramonium plant, which gives hallucinogenic effects and is also known as locoweed.

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?

The most dangerous mercury compound, dimethyl mercury, is so toxic that even a few microliters spilled on the skin can cause death. Mercury has been shown to accumulate in higher amounts in the following types of fish than other types: swordfish, shark, mackerel, tilefish, crab, and tuna.

Did you know?

According to research, pregnant women tend to eat more if carrying a baby boy. Male fetuses may secrete a chemical that stimulates their mothers to step up her energy intake.

MacArthur and Wilson's theory of island biogeography. MacArthur and Wilson's theory of island biogeography.
Banana Banana
The population of Asia increases rapidly, the demand for food and water is also growing The population of Asia increases rapidly, the demand for food and water is also growing
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
Banana Vs. Apple Banana Vs. Apple
The expected results of two generations of semiconservative replication The expected results of two generations of semiconservative replication
Video: Chronology of leptin research (A history of leptin research)

For a complete list of videos, visit our video library