« previous next »

Author Question: If Ellie Mae spends her income on possum and biscuits and the price of possum is three times the ... (Read 29 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?

A cataract is a clouding of the eyes' natural lens. As we age, some clouding of the lens may occur. The first sign of a cataract is usually blurry vision. Although glasses and other visual aids may at first help a person with cataracts, surgery may become inevitable. Cataract surgery is very successful in restoring vision, and it is the most frequently performed surgery in the United States.

Did you know?

There used to be a metric calendar, as well as metric clocks. The metric calendar, or "French Republican Calendar" divided the year into 12 months, but each month was divided into three 10-day weeks. Each day had 10 decimal hours. Each hour had 100 decimal minutes. Due to lack of popularity, the metric clocks and calendars were ended in 1795, three years after they had been first marketed.

Did you know?

Coca-Cola originally used coca leaves and caffeine from the African kola nut. It was advertised as a therapeutic agent and "pickerupper." Eventually, its formulation was changed, and the coca leaves were removed because of the effects of regulation on cocaine-related products.

Did you know?

Fewer than 10% of babies are born on their exact due dates, 50% are born within 1 week of the due date, and 90% are born within 2 weeks of the date.

Did you know?

Oliver Wendell Holmes is credited with introducing the words "anesthesia" and "anesthetic" into the English language in 1846.

Income of Adult Children Compared With That of Their Parents Income of Adult Children Compared With That of Their Parents
Press with (A) fingertips into GB-30; or (B) with thumb into GB-30; press 2–3 times. Press with (A) fingertips into GB-30; or (B) with thumb into GB-30; press 2–3 times.
Relationship between Income and Happiness in the United States Relationship between Income and Happiness in the United States
Income per Capita versus Inequality Income per Capita versus Inequality
Variable and absorption costing, explaining operating-income differences. Variable and absorption costing, explaining operating-income differences.
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: Role of complement proteins

For a complete list of videos, visit our video library