« previous next »

Author Question: Jeremy maximizes utility by consuming both iced tea and coffee. Iced tea is priced at 1.50 per ... (Read 97 times)

Tirant22

  • Hero Member
  • *****
  • Posts: 532
on: Jun 30, 2018
Jeremy maximizes utility by consuming both iced tea and coffee. Iced tea is priced at 1.50 per bottle and coffee at 2.00 per 16-ounce cup. Which of the following marginal utility pairs is inconsistent with Jeremy's consumer equilibrium at these prices?
 a. MU of iced tea = 3; MU of coffee = 4
  b. MU of iced tea = 4; MU of coffee = 3
  c. MU of iced tea = 6; MU of coffee = 8
  d. MU of iced tea = 3/4; MU of coffee = 1

Question 2

Other things being equal, the marginal revenue product for labor hired by a firm that is a monopolist in the output market:
 a. is represented by an upward sloping curve.
  b. is equal to the marginal revenue product for labor hired by a perfectly competitive firm.
  c. is less than the marginal revenue product for labor hired by a perfectly competitive firm.
  d. is greater than the marginal revenue product for labor hired by a perfectly competitive firm.
  e. is equal to the value of marginal product of labor.


momolu

  • Sr. Member
  • ****
  • Posts: 320
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

c


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

In the ancient and medieval periods, dysentery killed about ? of all babies before they reach 12 months of age. The disease was transferred through contaminated drinking water, because there was no way to adequately dispose of sewage, which contaminated the water.

Did you know?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

Did you know?

The Romans did not use numerals to indicate fractions but instead used words to indicate parts of a whole.

Did you know?

There are more nerve cells in one human brain than there are stars in the Milky Way.

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

Consuming Lithosphere at Convergent Plate Boundaries Consuming Lithosphere at Convergent Plate Boundaries
Jeremy Deller, A Good Day for Cyclists (painted by Sarah Tynan). Jeremy Deller, A Good Day for Cyclists (painted by Sarah Tynan).
A utility knife uses replaceable blades and can cut carpet and other materials. A utility knife uses replaceable blades and can cut carpet and other materials.
Use tap water when making coffee, tea, or juice from concentrate, and for food preparation Use tap water when making coffee, tea, or juice from concentrate, and for food preparation
Coffee will not sober you up. An intoxicated person who drinks coffee will end up being a stimulated Coffee will not sober you up. An intoxicated person who drinks coffee will end up being a stimulated
Before After Coffee Before After Coffee
Video: Glomerular filtrate rate: pressures that affect GFR, NFP & GFR and blood composition

For a complete list of videos, visit our video library