If the utility function (U) between bananas (B) and jam (J) can be represented as U = 3ln(B)+4ln(J) the marginal utility of jam equals
A) 4B.
B) 3B/J.
C) 4/J.
D) B/J.
C
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Refer to above Table 2-2. What are the constant-dollar expenditures in years 1 and 2 at fixed year 1 prices?
A) $5.00, $7.80 B) $14.00, $14.60 C) $18.00, $18.60 D) $9.00, $10.80
Whenever productive resources are used to make capital goods
A) society is not producing efficiently. B) society is giving up current consumption. C) the production possibilities curve becomes flatter. D) absolute advantage occurs.
In the acreage allotment program, a farmer's acreage allotment is sometimes based on a farmer's
A) history of production. B) income. C) location. D) b and c E) none of the above
When producers price their items, they should realize there will usually be a consumer surplus when the items are sold. What does this mean to them?
a. They should price items one dollar above the market equilibrium price. b. They should price items somewhat higher than what consumers are willing to pay for them. c. They should price items exactly at what consumers are willing to pay for them. d. They should price items somewhat lower than what consumers are willing to pay for them.