This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: As the price of a Giffen good falls, the consumer will A) purchase more units. B) purchase fewer ... (Read 133 times)

clippers!

  • Hero Member
  • *****
  • Posts: 828
on: Jul 1, 2018
As the price of a Giffen good falls, the consumer will
 
  A) purchase more units.
  B) purchase fewer units.
  C) not change the amount purchased.
  D) There is not enough information to answer this question.

Question 2

Three individuals have 1000 and identical preferences for gum, g, and cigarettes, s, as measured by the utility function U(g,s) = 10g0.9s0.1. The price of gum is 9 and the price of cigarettes is 12. What is the market surplus/shortage at a price of 12 when the supply of cigarettes is 5?
 
  A) There will be a shortage of 3 cigarettes.
  B) There will be a surplus of 3 cigarettes.
  C) There will be a shortage of 2/3 cigarettes.
  D) There will be a surplus of 2/3 cigarettes.
Microeconomics ¦ Perloff ¦ 8th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

medine

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jul 1, 2018
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 25% of students answer this correctly


clippers!

  • Member
  • Posts: 828
Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

frankwu0507

  • Member
  • Posts: 322
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

As the western states of America were settled, pioneers often had to drink rancid water from ponds and other sources. This often resulted in chronic diarrhea, causing many cases of dehydration and death that could have been avoided if clean water had been available.

Did you know?

There are more sensory neurons in the tongue than in any other part of the body.

Did you know?

The most destructive flu epidemic of all times in recorded history occurred in 1918, with approximately 20 million deaths worldwide.

Did you know?

The first oral chemotherapy drug for colon cancer was approved by FDA in 2001.

Did you know?

After a vasectomy, it takes about 12 ejaculations to clear out sperm that were already beyond the blocked area.

Effect of Perceived Price of a Drug on Placebo Analgesia Effect of Perceived Price of a Drug on Placebo Analgesia
Sample purchase order form. Sample purchase order form.
Men and women report having fewer days with stressors as they go from middle to older adulthood, and ... Men and women report having fewer days with stressors as they go from middle to older adulthood, and ...
Determining a good table height. Stand facing the table with your hands at your sides. Adjust the ... Determining a good table height. Stand facing the table with your hands at your sides. Adjust the ...
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price. Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
Video: Protein Structure - Primary, Secondary, Tertiary and Quaternary

For a complete list of videos, visit our video library