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.
Jeremy Deller, A Good Day for Cyclists (painted by Sarah Tynan).
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