QUESTION 15 3:03 PM LaToya sees honey and sugar as perfect substitutes. She is a
ID: 1115425 • Letter: Q
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QUESTION 15 3:03 PM LaToya sees honey and sugar as perfect substitutes. She is always willing to substitute 1 teaspoon of honey for 2 teaspoons of sugar. If the price of honey is half that of sugar, LaToya will use: only sugar only honey a lot of sugar and a little honey a lot of honey and a little sugar 1 points QUESTION 16 Cookie Monster always consumes cookies and milk in fixed proportions: 4 cookies to 8 ounces of milk Which of the following combinations of cookies and milk will give Cookie Monster the highest total utility? 4 cookies and 8 ounces of milk 8 cookies and 16 ounces of milk 4 cookies and 4 ounces of milk 4 cookies and 16 ounces of milk 1 points In the short run: all inputs are variable. all inputs are fixed. some inputs are fixed and some inputs are variable. all costs are variable. 1 points QUESTION 18 In economics, the short run is defined as: the period in which some inputs are considered to be fixed in quantity. ess than 6 months. the period in which some inputs are fixed, but it cannot exceed 1 year less than 1 year.Explanation / Answer
15. 1 tsp of honey for 2 tsp of sugar
If price of honey is half of sugar then, LaToyawill use only honey because she needs 1 tsp of sugar which is cheaper than honey.
16. 4 cookies and 8 ounces of milk
The combination which will give Cookie Monster the highest utility is
4 cookies and 8 ounces of milk
17. The optimal combination of inputs in short term is both variable and fixed. Once the decisions are made and implemented and production begins, the firm is operating in the short run with fixed and variable inputs.
Some and fixed inputs and some are variable inputs.
18. In economics, short term is considered any time period less than a year.
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