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Author Question: Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no ... (Read 72 times)

tiara099

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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?

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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
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polinasid

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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.
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tiara099

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Reply 2 on: Jul 1, 2018
:D TYSM

daiying98

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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