Considering the information in the table shown, the price of ice cream is:
This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10.
A. $2 per cone.
B. $1 per cone.
C. diminishing as Jack increases the amount consumed.
D. $5 per cone.
A. $2 per cone.
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A strategy is called a pure strategy if it involves choosing ________
A) one particular action for a situation B) different combinations of actions for a situation C) an action that yields a higher payoff to the opponent D) an action that yields zero payoff to the player
Consumption per worker is 72, depreciation is 12.5%, and capital per worker is 64. Given the production function y = 20 , show that this economy is in a steady state
If the saving rate should double, what is the new steady-state level of consumption per worker?
Someone who is risk-preferring has
A) diminishing marginal utility of wealth. B) constant marginal utility of wealth. C) increasing marginal utility of wealth. D) less marginal utility of wealth than someone who is risk-preferring.
If a 1 percent decrease in the price of product A brings about a 3 percent increase in the sales of product B, then:
a. products A and B are complementary. b. the cross elasticity of demand between these two products is positive. c. products A and B are substitutes. d. the demand for these products is inelastic. e. the total revenue earned from product A will decrease.