Author Question: Joe and Rita each have some cookies and milk. Joe is willing to trade 2 cookies for an additional ... (Read 88 times)

joesmith1212 · **on:** Jul 1, 2018

Joe and Rita each have some cookies and milk. Joe is willing to trade 2 cookies for an additional ounce of milk. Rita is willing to trade 4 cookies for an additional ounce of milk. If trading is possible, which of the following is most likely to occur?

A) Joe will give some milk to Rita in exchange for cookies.
B) Rita will give some milk to Joe in exchange for cookies.
C) No trade will take place since they both prefer to have more milk and fewer cookies.
D) There is not enough information to make any predictions.

Question 2

A firm's marginal cost can always be thought of as the change in total cost if

A) the firm produces one more unit of output.
B) the firm buys one more unit of capital.
C) the firm's average cost increases by 1.
D) the firm moves to the next highest isoquant.

chinwesucks · **Reply #1 on:** Jul 1, 2018

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