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 145 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?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

Did you know?

In 1864, the first barbiturate (barbituric acid) was synthesized.

Did you know?

Chronic marijuana use can damage the white blood cells and reduce the immune system's ability to respond to disease by as much as 40%. Without a strong immune system, the body is vulnerable to all kinds of degenerative and infectious diseases.

Did you know?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

Did you know?

Opium has influenced much of the world's most popular literature. The following authors were all opium users, of varying degrees: Lewis Carroll, Charles, Dickens, Arthur Conan Doyle, and Oscar Wilde.

Birth Order and Intelligence Birth Order and Intelligence
Sample inventory order form. Sample inventory order form.
How to evaluate the third-order determinant How to evaluate the third-order determinant
Sensory receptor synapses with first-order sensory neuron Sensory receptor synapses with first-order sensory neuron
What atomic or hybrid orbital on P make up the sigma bond between P and Cl in phosphorous ... What atomic or hybrid orbital on P make up the sigma bond between P and Cl in phosphorous ...
There are four hospitals (consumers in this example) willing to pay the following amounts for a ... There are four hospitals (consumers in this example) willing to pay the following amounts for a ...
Video: Conduction of action potentials

For a complete list of videos, visit our video library