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

Author Question: Jason, a high-school student, mows lawns for families in his neighborhood. The going rate is 12 for ... (Read 162 times)

yoroshambo

  • Hero Member
  • *****
  • Posts: 566
on: Jun 29, 2018
Jason, a high-school student, mows lawns for families in his neighborhood. The going rate is 12 for each lawn-mowing service.
 
  Jason would like to charge 20 because he believes he has more experience mowing lawns than the many other teenagers who also offer the same service. If the market for lawn mowing services is perfectly competitive, what would happen if Jason raised his price?
  A) If Jason raises his price he would lose all his customers.
  B) He would lose some but not all his customers.
  C) Initially, his customers might complain but over time they will come to accept the new rate.
  D) If Jason raises his price, then all others supplying the same service will also raise their prices.

Question 2

Adhira buys chocolates and almonds. She has 3 bars of chocolates and 4 bags of almonds. The marginal utility of the third chocolate bar is 18 units of utility and the marginal utility from the fourth bag of almonds is also 18.
 
  Is Adhira maximizing her utility?
  A) No, she must buy 1 more chocolate bar to equate her quantities of the two goods.
  B) No, she must cut back to 3 bags of almonds to equate her quantities of the two goods.
  C) No, without information on her income and the prices of the two goods, we cannot answer the question.
  D) Yes, the marginal utility from the last unit of each good is equal.
InMicro ¦ Hubbard, O'Brien ¦ 1st 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

cswans24

  • Sr. Member
  • ****
  • Posts: 317
Reply #1 on: Jun 29, 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 30% of students answer this correctly


yoroshambo

  • Hero Member
  • *****
  • Posts: 566
Reply #2 on: Jun 29, 2018
Thank you :)


cswans24

  • Sr. Member
  • ****
  • Posts: 317
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

Adolescents often feel clumsy during puberty because during this time of development, their hands and feet grow faster than their arms and legs do. The body is therefore out of proportion. One out of five adolescents actually experiences growing pains during this period.

Did you know?

The term bacteria was devised in the 19th century by German biologist Ferdinand Cohn. He based it on the Greek word "bakterion" meaning a small rod or staff. Cohn is considered to be the father of modern bacteriology.

Did you know?

Atropine was named after the Greek goddess Atropos, the oldest and ugliest of the three sisters known as the Fates, who controlled the destiny of men.

Did you know?

Critical care patients are twice as likely to receive the wrong medication. Of these errors, 20% are life-threatening, and 42% require additional life-sustaining treatments.

Did you know?

Only one in 10 cancer deaths is caused by the primary tumor. The vast majority of cancer mortality is caused by cells breaking away from the main tumor and metastasizing to other parts of the body, such as the brain, bones, or liver.

Shy children often have a high arousal level in novel social situations. Over time, parents can help ... Shy children often have a high arousal level in novel social situations. Over time, parents can help ...
Selected High-Risk Drugs for Older Adults Selected High-Risk Drugs for Older Adults
The common rail on a Cummins diesel engine. A high-pressure pump (up to 30,000 PSI) is used to ... The common rail on a Cummins diesel engine. A high-pressure pump (up to 30,000 PSI) is used to ...
The distribution of high-energy, nutritious biscuits was a lifeline in the first days after the 2010 The distribution of high-energy, nutritious biscuits was a lifeline in the first days after the 2010
An educational institution has total direct labor and material costs of $1964 per student. Its ... An educational institution has total direct labor and material costs of $1964 per student. Its ...
Newborns, infants, and children have a high percentage of body weight composed of water... Newborns, infants, and children have a high percentage of body weight composed of water...
Video: Major Elements in Biological Molecules: Lipids

For a complete list of videos, visit our video library