Joe's Organic Cereal Company produces granola breakfast cereal under a fixed proportion production system in which 22 ounces of cereal are packaged in each cardboard box.
However, the plant production manager decides to reduce the amount of cereal per box to 20.5 ounces at the start of the next year. For the isoquant map, cereal is plotted in the vertical axis, and boxes are on the horizontal axis. What happens to the curves in the isoquant map as a result of this change? A) Shift upward
B) Shift downward
C) Shift rightward
D) Shift leftward
Question 2
The dual approach to the consumer's problem is to choose:
A) the highest indifference curve that just touches the budget line.
B) the least-cost budget line required to achieve a given level of utility (satisfaction).
C) the maximum income required to achieve a given level of utility (satisfaction).
D) all of the above
A fixed action pattern elicited by a sign stimulus.
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