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Author Question: What does the negative slope of the utilities possibilities frontier imply? A) Diminishing ... (Read 81 times)

imanialler

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on: Jul 1, 2018
What does the negative slope of the utilities possibilities frontier imply?
 
  A) Diminishing marginal utility.
  B) The only way to increase one person's utility is to decrease another person's utility.
  C) Diminishing marginal rates of substitution.
  D) The only way to increase output of one good is to decrease output of another.

Question 2

Suppose the market price for wheat changes, and we move from point A to point B on the wheat demand curve.
 
  If the price elasticity of wheat demand was -0.3 at point A and -0.4 at point B, what is a plausible value for the arc elasticity of demand for wheat between points A and B?
  A) -0.25
  B) -0.35
  C) -0.45
  D) -0.70


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Madisongo23

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

B


imanialler

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

Bigfoot1984

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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