The above table gives Sue's marginal utility schedules for sub sandwiches and Mountain Dew, the only products Sue consumes. Suppose initially the price of a sub sandwich is 4 each and the price of a Mountain Dew is 2 each. Sue's income is 12.
If the price of subs rises to 6 each, Sue will consume A) more Mountain Dews.
B) fewer subs.
C) fewer Mountain Dews so that she can still afford to buy two subs.
D) Both answers A and B are correct.
Question 2
The table above gives information about the labor market in Lantis, a community in which the labor market is perfectly competitive.
If the demand for labor decreases by 200 hours per day, the equilibrium wage rate falls to ________ an hour and the quantity of labor employed ________ hours per day. A) 10; remains at 400
B) 10; decreases to 300
C) 20; increases to 400
D) 5; remains at 200
A graphical representation of the marginal value theorem.
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