Casey earns $150 a week and consumes only fish and shrimp. The price of fish is $3 a pound and the price of shrimp is $5 a pound. Suppose the price of fish decreased to $1.50 a pound, and the price of shrimp remains $5 a pound. At Casey's original income of $150 per week, Casey can now buy a maximum of ________ pounds fish or a maximum of ________ pounds shrimp.
A. 100; 30
B. 10; 30
C. 30; 50
D. 30; 100
Answer: A
Economics
You might also like to view...
If all the assumptions of perfect competition hold, the result is an efficient, or Pareto optimal, allocation of resources. What is necessary to prove this?
What will be an ideal response?
Economics
"Supporters of import restrictions and protectionist policies place greater weight on producer welfare than on consumer welfare." Comment
What will be an ideal response?
Economics
Suppose a tax on sellers has been imposed in the graph shown. Once the tax is in place, the buyers purchase ____ units and pay ____ for each one.
A. 15; $16
B. 15; $6
C. 31; $9
D. 31; $19
Economics
Explain why a balanced budget has an expansionary effect on the economy
Economics