Given the data in the above table, if income is $16, and the price is $1 for a bottle of water and $2 for a hamburger, what is the quantity of water and the quantity of hamburgers that will maximize the consumer's total utility?
A) 5 bottles of water and 5 hamburgers
B) 4 bottles of water and 6 hamburgers
C) 6 bottles of water and 5 hamburgers
D) 6 bottles of water and 6 hamburgers
C
You might also like to view...
Which of the following is not included in Nation A's financial account?
a. Foreign deposits of funds in savings accounts in Nation A. b. Purchases and sales of forestry and air rights. c. Foreign purchases of Nation A's Treasury bills. d. All the above.
This agency is responsible for protecting consumers from products posing fire, electrical, chemical, or mechanical hazards or dangers to children
A) Environmental Protection Agency B) Consumer Product Safety Commission C) Equal Employment Opportunity Commission D) Occupational Safety and Health Administration
In general, a firm will be unlikely to invest as long as the
A. firm cannot sell bonds directly to the public and instead must borrow from a bank. B. profits realized from the investment are insufficient to cover the interest payments. C. interest rate is greater than the inflation rate. D. firm has to borrow any money to make the investment.
An ultimatum game:
A. is a realistic way of modeling union negotiations. B. is when one player makes an offer and the other has to accept or reject. C. is a repeated game. D. is a simultaneous move game.