« previous next »

Author Question: Jeremy maximizes utility by consuming both iced tea and coffee. Iced tea is priced at 1.50 per ... (Read 112 times)

Tirant22

  • Hero Member
  • *****
  • Posts: 532
on: Jun 30, 2018
Jeremy maximizes utility by consuming both iced tea and coffee. Iced tea is priced at 1.50 per bottle and coffee at 2.00 per 16-ounce cup. Which of the following marginal utility pairs is inconsistent with Jeremy's consumer equilibrium at these prices?
 a. MU of iced tea = 3; MU of coffee = 4
  b. MU of iced tea = 4; MU of coffee = 3
  c. MU of iced tea = 6; MU of coffee = 8
  d. MU of iced tea = 3/4; MU of coffee = 1

Question 2

Other things being equal, the marginal revenue product for labor hired by a firm that is a monopolist in the output market:
 a. is represented by an upward sloping curve.
  b. is equal to the marginal revenue product for labor hired by a perfectly competitive firm.
  c. is less than the marginal revenue product for labor hired by a perfectly competitive firm.
  d. is greater than the marginal revenue product for labor hired by a perfectly competitive firm.
  e. is equal to the value of marginal product of labor.


momolu

  • Sr. Member
  • ****
  • Posts: 320
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

c


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Did you know?

Interferon was scarce and expensive until 1980, when the interferon gene was inserted into bacteria using recombinant DNA technology, allowing for mass cultivation and purification from bacterial cultures.

Did you know?

It is widely believed that giving a daily oral dose of aspirin to heart attack patients improves their chances of survival because the aspirin blocks the formation of new blood clots.

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Did you know?

Women are two-thirds more likely than men to develop irritable bowel syndrome. This may be attributable to hormonal changes related to their menstrual cycles.

Ground coffee magnified Ground coffee magnified
Jeremy Bentham, A General Idea of a Penitentiary Panopticon, drawn by Willey Reveley. Jeremy Bentham, A General Idea of a Penitentiary Panopticon, drawn by Willey Reveley.
Jeremy Bentham (1748–1832). Jeremy Bentham (1748–1832).
Global Coffee Production Global Coffee Production
Before After Coffee Before After Coffee
An organizational specialist is hired as a consultant to a company planning to open a coffee ... An organizational specialist is hired as a consultant to a company planning to open a coffee ...
Video: Mechanisms for chromosome movement Animation

For a complete list of videos, visit our video library