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Author Question: A decrease in the price of product X will: a. increase the marginal utility per dollar spent on X. ... (Read 109 times)

segrsyd

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on: Jun 30, 2018
A decrease in the price of product X will:
 a. increase the marginal utility per dollar spent on X.
 b. decrease the marginal utility per dollar spent on X.
 c. result in an increase in the total utility from consumption of X.
  d. do both (a) and (c).

Question 2

Suppose the output of a firm hiring workers in a competitive labor market increases by three units when an additional worker is hired. This firm will hire more laborers if the market price of its product is 4 and the wage rate is 9 . Hint: Marginal revenue product of a resource is equal to the product of marginal product of the resource and the marginal revenue of the firm.
 a. True
  b. False
  Indicate whether the statement is true or false


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zogaridan

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

True


segrsyd

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

nyrave

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Reply 3 on: Yesterday
Wow, this really help

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