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

Author Question: The price of shrimp is 10.00 per pound and the price of lobster is 15.00 per pound. The marginal ... (Read 169 times)

moongchi

  • Hero Member
  • *****
  • Posts: 516
on: Jun 30, 2018
The price of shrimp is 10.00 per pound and the price of lobster is 15.00 per pound. The marginal utility to Mike of pound of shrimp consumed is 60 utils. If Mike maximizes his satisfaction by consuming both shrimp and lobster, we would expect the marginal utility of the last pound of lobster consumed to equal:
 a. 40 utils
 b. 60 utils
 c. 90 utils
 d. 150 utils

Question 2

A perfectly competitive employer of an input will maximize profits from the employment of the input by equating:
 a. the value of the marginal product of the input with the price of the output.
  b. the marginal product of the last unit of the input employed with the input price.
  c. the input price with the price of the product produced.
  d. the marginal revenue product of the input with the input price.
  e. the marginal product of the last unit of the input employed with the price of the product produced.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

fur

  • Sr. Member
  • ****
  • Posts: 309
Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

d


moongchi

  • Member
  • Posts: 516
Reply 2 on: Jun 30, 2018
Excellent

Alyson.hiatt@yahoo.com

  • Member
  • Posts: 354
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

The human body's pharmacokinetics are quite varied. Our hair holds onto drugs longer than our urine, blood, or saliva. For example, alcohol can be detected in the hair for up to 90 days after it was consumed. The same is true for marijuana, cocaine, ecstasy, heroin, methamphetamine, and nicotine.

Did you know?

Approximately one in four people diagnosed with diabetes will develop foot problems. Of these, about one-third will require lower extremity amputation.

Did you know?

Signs and symptoms that may signify an eye tumor include general blurred vision, bulging eye(s), double vision, a sensation of a foreign body in the eye(s), iris defects, limited ability to move the eyelid(s), limited ability to move the eye(s), pain or discomfort in or around the eyes or eyelids, red or pink eyes, white or cloud spots on the eye(s), colored spots on the eyelid(s), swelling around the eyes, swollen eyelid(s), and general vision loss.

Did you know?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

Did you know?

Critical care patients are twice as likely to receive the wrong medication. Of these errors, 20% are life-threatening, and 42% require additional life-sustaining treatments.

Approximately 1 pound (0.45 kg) of ground elk meat formed into patties; note the relatively small fa Approximately 1 pound (0.45 kg) of ground elk meat formed into patties; note the relatively small fa
Lobster Lobster
Shrimp Shrimp
The Globe Fishery packs shrimp that weigh more than 1.91 ounces each in packages marked large ... The Globe Fishery packs shrimp that weigh more than 1.91 ounces each in packages marked large ...
shrimp shrimp
Lobster and shrimp tacos Lobster and shrimp tacos
Video: The Hypothalamus: The Body's Thermostat (Human Thermostat)

For a complete list of videos, visit our video library