« previous next »

Author Question: If Ellie Mae spends her income on possum and biscuits and the price of possum is three times the ... (Read 83 times)

mwit1967

  • Hero Member
  • *****
  • Posts: 501
on: Jul 1, 2018
If Ellie Mae spends her income on possum and biscuits and the price of possum is three times the price of biscuits, then when Ellie Mae maximizes total utility, she will buy
 a. equal quantities of possum and biscuits
  b. three times as much possum as biscuits
  c. three times as many biscuits as portions of possum
  d. biscuits and possum until the marginal utility of possum is three times the marginal utility of biscuits
  e. biscuits and possum until the marginal utility of biscuits is three times the marginal utility of possum

Question 2

Suppose that for Jason the marginal utility of 50-per-serving caviar is 100 and the marginal utility of 1-per-serving popcorn is 10 . For his snack, Jason should buy
 a. the caviar if he has the 50; otherwise the popcorn
  b. the caviar if he has the 50; otherwise nothing
  c. the popcorn, whether he has the 50 or not
  d. one serving each of the caviar and popcorn, if he has 51
  e. five servings of popcorn for each serving of caviar


stallen

  • Sr. Member
  • ****
  • Posts: 336
Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Human kidneys will clean about 1 million gallons of blood in an average lifetime.

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Did you know?

All adverse reactions are commonly charted in red ink in the patient's record and usually are noted on the front of the chart. Failure to follow correct documentation procedures may result in malpractice lawsuits.

Did you know?

Human stomach acid is strong enough to dissolve small pieces of metal such as razor blades or staples.

Did you know?

Every flu season is different, and even healthy people can get extremely sick from the flu, as well as spread it to others. The flu season can begin as early as October and last as late as May. Every person over six months of age should get an annual flu vaccine. The vaccine cannot cause you to get influenza, but in some seasons, may not be completely able to prevent you from acquiring influenza due to changes in causative viruses. The viruses in the flu shot are killed—there is no way they can give you the flu. Minor side effects include soreness, redness, or swelling where the shot was given. It is possible to develop a slight fever, and body aches, but these are simply signs that the body is responding to the vaccine and making itself ready to fight off the influenza virus should you come in contact with it.

People have seen patterns in the stars since ancient times.[5] This 1690 depiction of the constellat People have seen patterns in the stars since ancient times.[5] This 1690 depiction of the constellat
Avoiding High-Pollution Exercise Times Avoiding High-Pollution Exercise Times
Safety glasses should be worn at all times when working on or around any vehicle or servicing any ... Safety glasses should be worn at all times when working on or around any vehicle or servicing any ...
Relationship between Latitude and Income per Capita Relationship between Latitude and Income per Capita
If the price charged for a candy bar is p(x) cents, then x thousand candy bars will be sold in ... If the price charged for a candy bar is p(x) cents, then x thousand candy bars will be sold in ...
Sonal bought a coat for $198.88, which included 8% PST and 5% GST. What was the selling price ... Sonal bought a coat for $198.88, which included 8% PST and 5% GST. What was the selling price ...
Video: ACTH/Cortisol (glycogenolysis, protein catabolism, lipolysis and gluconeogenesis)

For a complete list of videos, visit our video library