Refer to the data. What level of total utility is realized from the equilibrium combination of J and K, if the consumer has a money income of $52 and the prices of J and K are $8 and $4 respectively?
Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantitiesof products J and K.
A. 156 utils
B. 124 utils
C. 276 utils
D. 36 utils
C. 276 utils
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A theory can best be defined as
A. an untested assertion of untested fact. B. a set of assumptions that simplify the real world. C. the opinion of a reliable person who studies a subject or discipline. D. a deliberate simplification of factual relationships that attempts to explain how those relationships work. E. the accumulation of knowledge that has been verified by the scientific community.
Provide two examples of a government barrier to entry
What will be an ideal response?
If an asset has a present value of $50 and appreciates at an interest rate of 4%, what is the asset's future value in 47 compounding periods?
A) Approximately $400 B) Approximately $316 C) Approximately $137 D) Approximately $1143
A perfectly competitive firm has a random marginal cost with a 60 percent chance of a high marginal cost of $100 and a 40 percent chance of a low marginal cost of $90. What is the firm's expected marginal cost?
A) $94 B) $98 C) $92 D) $96