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

Author Question: Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no ... (Read 62 times)

tiara099

  • Hero Member
  • *****
  • Posts: 588
on: Jul 1, 2018
Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no clothing. The tailor has 20 units of clothing but no food. Suppose each has the utility function U = F  C. The price of clothing is always 1. If the price of food is 3, does a competitive equilibrium exist? If not, what will happen to the price of food?
 
  What will be an ideal response?

Question 2

The Law of Diminishing Marginal Returns could also be termed the Law of Increasing Marginal Costs.
 
  Indicate whether the statement is true or false
Microeconomics ¦ Perloff ¦ 8th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

polinasid

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jul 1, 2018
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 35% of students answer this correctly


tiara099

  • Member
  • Posts: 588
Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

flexer1n1

  • Member
  • Posts: 373
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

More than 30% of American adults, and about 12% of children utilize health care approaches that were developed outside of conventional medicine.

Did you know?

In 1835 it was discovered that a disease of silkworms known as muscardine could be transferred from one silkworm to another, and was caused by a fungus.

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Did you know?

It is important to read food labels and choose foods with low cholesterol and saturated trans fat. You should limit saturated fat to no higher than 6% of daily calories.

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

This moose exploits the twigs and buds of woody plants for the food it needs to survive a cold north This moose exploits the twigs and buds of woody plants for the food it needs to survive a cold north
Activity, Food Restriction, and Weight Loss Activity, Food Restriction, and Weight Loss
A society’s dominant ideologies are reinforced throughout the society, including its literature. ... A society’s dominant ideologies are reinforced throughout the society, including its literature. ...
Food Labels Provide Nutrient Content Information Food Labels Provide Nutrient Content Information
Sustainable Food Systems Model Sustainable Food Systems Model
Food Poisoning from Staphylococcus Aureus Bacteria Food Poisoning from Staphylococcus Aureus Bacteria
Video: What are Strong & Weak Acids and How they're different?

For a complete list of videos, visit our video library