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

Author Question: A decrease in the price of product X will: a. increase the marginal utility per dollar spent on X. ... (Read 95 times)

segrsyd

  • Hero Member
  • *****
  • Posts: 530
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

zogaridan

  • Sr. Member
  • ****
  • Posts: 328
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

True


segrsyd

  • Member
  • Posts: 530
Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

adammoses97

  • Member
  • Posts: 337
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Of the estimated 2 million heroin users in the United States, 600,000–800,000 are considered hardcore addicts. Heroin addiction is considered to be one of the hardest addictions to recover from.

Did you know?

Malaria mortality rates are falling. Increased malaria prevention and control measures have greatly improved these rates. Since 2000, malaria mortality rates have fallen globally by 60% among all age groups, and by 65% among children under age 5.

Did you know?

Hip fractures are the most serious consequences of osteoporosis. The incidence of hip fractures increases with each decade among patients in their 60s to patients in their 90s for both women and men of all populations. Men and women older than 80 years of age show the highest incidence of hip fractures.

Did you know?

Vaccines prevent between 2.5 and 4 million deaths every year.

Did you know?

Thyroid conditions may make getting pregnant impossible.

Browning and Gunning demonstrated that placental transfer tissues increase plant reproductive succes Browning and Gunning demonstrated that placental transfer tissues increase plant reproductive succes
Cross-sectional data showing that the amount of effort spent on personal health care increases with Cross-sectional data showing that the amount of effort spent on personal health care increases with
Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896 Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896
Importance of Considering Gestalt Principles in Product Design Importance of Considering Gestalt Principles in Product Design
Product Rule Product Rule
"The Department of Agriculture came out today with its prediction for food price "The Department of Agriculture came out today with its prediction for food price
Video: Hormones and the menstrual cycle Animation

For a complete list of videos, visit our video library