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Author Question: The budget constraint for a consumer who only buys apples ( A) and bananas (B) is PAA + PBB = I ... (Read 100 times)

CBme

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  • Posts: 548
on: Jul 1, 2018
The budget constraint for a consumer who only buys apples (
 
  A) and bananas (B) is PAA + PBB = I where consumer income is I, the price of apples is PA, and the price of bananas is PB. To plot this budget constraint in a figure with apples on the horizontal axis, we should use a budget line represented by the slope-intercept equation:
  A) A = -I/PA + (PB/PA)B
  B) A = I/PA - (PB/PA)B
  C) B = -I/PB + (PA/PB)A
  D) B = I/PB - (PA/PB)A

Question 2

Refer to Scenario 7.1. Which piece of information would NOT be helpful in calculating the marginal cost of the 75th unit of output?
 
  A) The total cost of 75 units
  B) The total cost of 74 units
  C) The variable cost of 75 units
  D) The variable cost of 74 units
  E) The firm's fixed cost


BAOCHAU2803

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

D

Answer to Question 2

E


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