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Author Question: The marginal utility of the first cup of coffee that Tom drinks in the morning is worth $2.00. The ... (Read 52 times)

james9437

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on: Apr 19, 2019

Question 1

Refer to the information provided in Figure 6.10 below to answer the question(s) that follow.










Refer to Figure 6.10. Kyle would increase his consumption of turkey sandwiches from 5 to 7 per week if their price fell from $8 to $6. This illustrates the idea of


◦ consumer surplus.
◦ the law of diminishing marginal utility.
◦ cross-price elasticity of demand.
◦ technical efficiency.

Question 2

The marginal utility of the first cup of coffee that Tom drinks in the morning is worth $2.00. The marginal utility of the 9th cup of coffee he drinks is positive while the marginal utility of the 10th cup of coffee he drinks in the morning is worth $0. This implies that at a price of $0, Tom would drink


◦ zero cups of coffee per morning.
◦ at most 10 cups of coffee per morning.
◦ more than 10 cups of coffee per morning, but the actual number is indeterminate from this information.
◦ an infinite number of cups of coffee each morning.
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
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Marked as best answer by james9437 on Apr 19, 2019

amynguyen1221

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Reply #1 on: Apr 19, 2019
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.
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james9437

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Reply 2 on: Apr 19, 2019
Great answer, keep it coming :)

kthug

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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