Suppose the prices of goods X, Y, and Z are $4, $1, and $5, respectively, and the last unit purchased of good X has a marginal utility MUx = 16 utils. At the point of equilibrium, the marginal utility of the last unit purchased of goods Y and Z will be:
a. MUy = 16 utils and MUz = 16 utils, respectively.
b. MUy = 8 utils and MUz = 2 utils, respectively.
c. MUy = 4 utils and MUz = 20 utils, respectively.
d. MUy = 2 utils and MUz = 4 utils, respectively.
e. MUy = 12 utils and MUz = 20 utils, respectively.
c
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Refer to the scenario above. Using 2013 as the base year, what is the real GDP of the economy in 2012?
A) $50,000 B) $52,500 C) $40,500 D) $49,500
A firm's marginal cost has a minimum value of $4, its average variable cost has a minimum value of $6, and its average total cost has a minimum value of $7 . Then the firm will shut down in the short run once the price of its product falls below
a. $7. b. $6. c. $4. d. We do not have enough information to answer the question.
Given that the demand for unskilled labor curve is downward-sloping, an unintended effect of raising the minimum wage is that some people who worked at the lower wage will lose their jobs at the higher wage
Indicate whether the statement is true or false
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.