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Author Question: Sarah spends 100 a year on magazines and ice cream. The table above shows her utility from each ... (Read 116 times)

ts19998

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on: Jun 29, 2018
Sarah spends 100 a year on magazines and ice cream. The table above shows her utility from each good. If the price of a magazine is 5 and the price of ice cream is 5 per gallon, how does Sarah spend the 100?
 
  What will be an ideal response?

Question 2

Higher ethanol production definitely and directly raises the price of corn, said USDA economist Ephraim Leibtag. In the short run in the corn market, what is TRUE if the production of ethanol increases?
 
  A) The demand curve for individual corn farmers will shift upward.
  B) The price individual corn farmers receive will decrease.
  C) The total cost curve for individual corn farmers will shift upward.
  D) The marginal cost curve for individual corn farmers will shift downward.


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AmberC1996

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Sarah buys 6 magazines and 14 gallons of ice cream. She spends 100 and her marginal utility per dollar from magazines and ice cream is the same, 3.6 units per dollar.

Answer to Question 2

A


ts19998

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

amandalm

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Reply 3 on: Yesterday
Excellent

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