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 135 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?

The types of cancer that alpha interferons are used to treat include hairy cell leukemia, melanoma, follicular non-Hodgkin's lymphoma, and AIDS-related Kaposi's sarcoma.

Did you know?

Signs and symptoms that may signify an eye tumor include general blurred vision, bulging eye(s), double vision, a sensation of a foreign body in the eye(s), iris defects, limited ability to move the eyelid(s), limited ability to move the eye(s), pain or discomfort in or around the eyes or eyelids, red or pink eyes, white or cloud spots on the eye(s), colored spots on the eyelid(s), swelling around the eyes, swollen eyelid(s), and general vision loss.

Did you know?

Patients who cannot swallow may receive nutrition via a parenteral route—usually, a catheter is inserted through the chest into a large vein going into the heart.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

The ultimate foundation of any political order is violence, no more starkly demonstrated than when a ... The ultimate foundation of any political order is violence, no more starkly demonstrated than when a ...
A good disinfecting solution you can make yourself consists of 1 part bleach to 10 parts water. A good disinfecting solution you can make yourself consists of 1 part bleach to 10 parts water.
Explain the assumptions that must be satisfied in order to validly use the one-way ANOVA ... Explain the assumptions that must be satisfied in order to validly use the one-way ANOVA ...
The expected value for a binomial probability distribution is _____. The expected value for a binomial probability distribution is _____.
Analysts expect Virtucon to make payouts of $8.7643B at the end of this year. Assume that all ... Analysts expect Virtucon to make payouts of $8.7643B at the end of this year. Assume that all ...
Calculate the weighted-average cost of the following inventory purchases:DateQuantity ... Calculate the weighted-average cost of the following inventory purchases:DateQuantity ...
Video: Spinal Cord Injury Animation

For a complete list of videos, visit our video library