« previous next »

Author Question: If Ellie Mae spends her income on possum and biscuits and the price of possum is three times the ... (Read 84 times)

mwit1967

  • Hero Member
  • *****
  • Posts: 501
on: Jul 1, 2018
If Ellie Mae spends her income on possum and biscuits and the price of possum is three times the price of biscuits, then when Ellie Mae maximizes total utility, she will buy
 a. equal quantities of possum and biscuits
  b. three times as much possum as biscuits
  c. three times as many biscuits as portions of possum
  d. biscuits and possum until the marginal utility of possum is three times the marginal utility of biscuits
  e. biscuits and possum until the marginal utility of biscuits is three times the marginal utility of possum

Question 2

Suppose that for Jason the marginal utility of 50-per-serving caviar is 100 and the marginal utility of 1-per-serving popcorn is 10 . For his snack, Jason should buy
 a. the caviar if he has the 50; otherwise the popcorn
  b. the caviar if he has the 50; otherwise nothing
  c. the popcorn, whether he has the 50 or not
  d. one serving each of the caviar and popcorn, if he has 51
  e. five servings of popcorn for each serving of caviar


stallen

  • Sr. Member
  • ****
  • Posts: 336
Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Adolescents often feel clumsy during puberty because during this time of development, their hands and feet grow faster than their arms and legs do. The body is therefore out of proportion. One out of five adolescents actually experiences growing pains during this period.

Did you know?

In women, pharmacodynamic differences include increased sensitivity to (and increased effectiveness of) beta-blockers, opioids, selective serotonin reuptake inhibitors, and typical antipsychotics.

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

Egg cells are about the size of a grain of sand. They are formed inside of a female's ovaries before she is even born.

Did you know?

More than 4.4billion prescriptions were dispensed within the United States in 2016.

Sources of income for U.S. population aged 65 and over. Sources of income for U.S. population aged 65 and over.
Relationship between Income and Happiness in the United States Relationship between Income and Happiness in the United States
Variable and absorption costing, explaining operating-income differences. Variable and absorption costing, explaining operating-income differences.
If the price charged for a candy bar is p(x) cents, then x thousand candy bars will be sold in ... If the price charged for a candy bar is p(x) cents, then x thousand candy bars will be sold in ...
The price of rice in a small country is currently $6 per pound. In order to help low-income ... The price of rice in a small country is currently $6 per pound. In order to help low-income ...
A solution of CaCl2 with concentration of 5.5 M was diluted 10 times, 25 times and 3 times. ... A solution of CaCl2 with concentration of 5.5 M was diluted 10 times, 25 times and 3 times. ...
Video: Natural Selection, Species Isolation and Real World Example

For a complete list of videos, visit our video library