Suppose we are given that the value of a particular utility function is a constant. That is, U(X,Y) = c. Then, the total derivative of this relation is:
A. (?U/?X)dX + (?U/?Y)dY = c.
B. (?U/?X)dX + (?U/?Y)dY = 0.
C. (?Y/?X)dU + (?X/?Y)dU = c.
D. (?Y/?X)dX + (?X/?Y)dY = 0.
Answer: B
You might also like to view...
When a landscaping company decides to use drafting software and computers instead of hiring designers to draw design plans by hand, it is answering the ________ question
A) why B) how C) opportunity cost D) for whom E) what
The range of values in which we can be confident that the true regression coefficient lies within a given degree of probability is called a:
A) prediction interval. B) confidence interval. C) logistic regression. D) none of the above.
Refer to Figure 9.1. Suppose the market is currently in equilibrium. If the government establishes a price ceiling of $20, consumer surplus will
A) fall by $200. B) fall by $300. C) remain the same. D) rise by $200. E) rise by $300.
In long-run equilibrium with trade, losses from import competition will force some firms to ______________, increasing demand for the remaining firms' output, which will then cause their demand curves to become ______________, due to the increased variety of products from _______________.
a. raise prices; steeper; new firms entering the industry b. leave the industry; flatter; foreign firms c. lower prices; more inelastic; new firms entering the industry d. lay off workers; more elastic; the research and development departments in firms