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

Author Question: In order to maximize utility, consumers _____. a. continue to make purchases until the marginal ... (Read 90 times)

Shelles

  • Hero Member
  • *****
  • Posts: 582
on: Jun 30, 2018
In order to maximize utility, consumers _____.
 a. continue to make purchases until the marginal utility of each good is zero
  b. compare the marginal utilities of the last dollar spent on each good
  c. equate the total utilities of each good consumed
  d. continue to purchase a good until total utility is equal to zero
  e. will continue purchasing till diminishing marginal utility is not achieved

Question 2

Which of the following must be true if the short-run average total cost curve is declining?
 a. Marginal cost is less than average total cost.
 b. Marginal cost is less than average variable cost.
  c. Marginal cost is greater than average total cost.
  d. Marginal cost equals average total cost.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

scikid

  • Sr. Member
  • ****
  • Posts: 300
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

a


Shelles

  • Hero Member
  • *****
  • Posts: 582
Reply #2 on: Jun 30, 2018
Correct answers!


scikid

  • Sr. Member
  • ****
  • Posts: 300
Reply #3 on: Jun 30, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

About 100 new prescription or over-the-counter drugs come into the U.S. market every year.

Did you know?

Walt Disney helped combat malaria by making an animated film in 1943 called The Winged Scourge. This short film starred the seven dwarfs and taught children that mosquitos transmit malaria, which is a very bad disease. It advocated the killing of mosquitos to stop the disease.

Did you know?

Inotropic therapy does not have a role in the treatment of most heart failure patients. These drugs can make patients feel and function better but usually do not lengthen the predicted length of their lives.

Did you know?

The first war in which wide-scale use of anesthetics occurred was the Civil War, and 80% of all wounds were in the extremities.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

How to evaluate the second order determinant How to evaluate the second order determinant
Red Bull uses strategies that help it target college-aged, young-adult consumers Red Bull uses strategies that help it target college-aged, young-adult consumers
First-order sensory neuron with encapsulated nerve endings First-order sensory neuron with encapsulated nerve endings
If we make the substitution z=sqrt(x) to ∫sqrt(1-sqrt(x)) dx, the resulting integral is If we make the substitution z=sqrt(x) to ∫sqrt(1-sqrt(x)) dx, the resulting integral is
In order to encourage Canadians to avoid cross border shopping, Walmart Canada is striving to ... In order to encourage Canadians to avoid cross border shopping, Walmart Canada is striving to ...
Test of Yanofsky’s Proposed trp Operon Gene Order Test of Yanofsky’s Proposed trp Operon Gene Order
Video: Types of disease resistance: innate defenses & immunity

For a complete list of videos, visit our video library