The official U.S. poverty line for a family is calculated by taking 3 times the annual cost of:
a. utilities and transportation.
b. basic medical care.
c. a minimal diet.
d. public housing.
c
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Robinson spends all his income on mangos and bananas. Mangos cost $3 per pound. Robinson's marginal utility is 30 for the last pound of mangos purchased and 10 for the last pound of bananas
If Robinson maximizes his utility from consuming these goods, the price of bananas is A) $0.50 per pound. B) $1 per pound. C) $2 per pound. D) $3 per pound.
The income effect of a price change refers to the change in the quantity demanded of a good that results from a change in the price of a complementary product
Indicate whether the statement is true or false
it permits people to expand production and achieve rates of output that would otherwise be unattainable
What will be an ideal response?
Use the following graph for a monopolistically competitive firm to answer the next question.
If curve (2) represents ATC and line (3) represents demand, then curve (1) and line (4) would be
A. MC and TR, respectively. B. TC and TR, respectively. C. AVC and MR, respectively. D. MC and MR, respectively.