Ignoring all other goods, if Yong's marginal utility per pound of bread is 10 utils and per pound of cheese is 30 utils, his
a. total utility would be maximized if the price per pound of cheese is triple the price per pound of bread
b. total utility could be increased by buying more bread and less cheese
c. total utility could be increased by buying more cheese and less bread
d. total utility would be maximized if the price per pound of cheese is one-third the price per pound of bread
e. marginal utility would be maximized if the price per pound of cheese is one-third the price per pound of bread
A
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After a $5 million ad campaign, Coca-Cola measured its effectiveness by calculating the cross elasticity of demand between Coke and Pepsi. A successful campaign would be indicated if the cross elasticity went from
A. 0.9 to 0.5. B. 0.9 to 1.5. C. ?0.5 to ?0.2. D. ?0.9 to ?1.5.
Indifference curves have which of the following properties? a. Higher indifference curves represent greater total satisfaction. b. Indifference curves are negatively sloped
c. Indifference curves are convex from the origin. d. All of the above.
What reasons can you suggest for arguing that the federal government, unlike individuals, need never run a surplus budget?
Taxes cause deadweight losses because they prevent buyers and sellers from realizing some of the gains from trade
a. True b. False Indicate whether the statement is true or false