Given that income is $500 and P X = $20 and P Y = $5, what is the market rate of

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Given that income is $500 and PX = $20 and PY = $5, what is the market rate of substitution between goods X and Y? 100. -4. -20. 25. If a consumer is given a $10 gift certificate, good only for items in store X and all items in store X are normal goods, then the consumer desires to consume more goods in store X. less goods in store X. the same amount of goods in store X. none of the statements associated with this question are correct. Suppose that at the equilibrium price and quantity the marginal revenue is -$15 and the price elasticity of demand for a linear demand function is -0.75. Then we know that the equilibrium price is -$5. $45. -$45. $5. If the price of a good purchased by a utility maximizing consumer goes down, all other things remain the same, and the consumer's income is adjusted so that he can just barely attain his previous level of satisfaction, and if the consumer had indifference curves of the usual shape it will be found that more of the good will be purchased than before. less of the good will be purchased than before. the same amount of the good will be purchased as before. the consumer will stop purchasing the good at all. The costs of production include the costs that appear on the income statements. the opportunity costs foregone by producing a given product. accounting costs. accounting costs and opportunity costs. You are the manager of a firm that produces output in two plants. The demand for your firm's product is P = 120 - 6Q, where Q = Q1 + Q2. The marginal cost associated with producing in the two plants are MC1 = 2Q1 and MC2 = 4Q2. What price should be charged to maximize profits? 60. 66. 70. 76. The affordable bundle that yields the greatest satisfaction to the consumer is: the maximum bundle. the equilibrium consumption bundle. the allowable purchasing bundle. the most popular bundle Given that income is $500 and PX = $20 and PY = $5, what is the market rate of substitution between goods X and Y? 100. -4. -20. 25. If a consumer is given a $10 gift certificate, good only for items in store X and all items in store X are normal goods, then the consumer desires to consume more goods in store X. less goods in store X. the same amount of goods in store X. none of the statements associated with this question are correct. more goods in store X. less goods in store X. the same amount of goods in store X. none of the statements associated with this question are correct. Suppose that at the equilibrium price and quantity the marginal revenue is -$15 and the price elasticity of demand for a linear demand function is -0.75. Then we know that the equilibrium price is -$5. $45. -$45. $5. If the price of a good purchased by a utility maximizing consumer goes down, all other things remain the same, and the consumer's income is adjusted so that he can just barely attain his previous level of satisfaction, and if the consumer had indifference curves of the usual shape it will be found that more of the good will be purchased than before. less of the good will be purchased than before. the same amount of the good will be purchased as before. the consumer will stop purchasing the good at all. The costs of production include the costs that appear on the income statements. the opportunity costs foregone by producing a given product. accounting costs. accounting costs and opportunity costs. You are the manager of a firm that produces output in two plants. The demand for your firm's product is P = 120 - 6Q, where Q = Q1 + Q2. The marginal cost associated with producing in the two plants are MC1 = 2Q1 and MC2 = 4Q2. What price should be charged to maximize profits? 60. 66. 70. 76. The affordable bundle that yields the greatest satisfaction to the consumer is: the maximum bundle. the equilibrium consumption bundle. the allowable purchasing bundle. the most popular bundle Suppose that at the equilibrium price and quantity the marginal revenue is -$15 and the price elasticity of demand for a linear demand function is -0.75. Then we know that the equilibrium price is -$5. $45. -$45. $5. If the price of a good purchased by a utility maximizing consumer goes down, all other things remain the same, and the consumer's income is adjusted so that he can just barely attain his previous level of satisfaction, and if the consumer had indifference curves of the usual shape it will be found that more of the good will be purchased than before. less of the good will be purchased than before. the same amount of the good will be purchased as before. the consumer will stop purchasing the good at all. more of the good will be purchased than before. less of the good will be purchased than before. the same amount of the good will be purchased as before. the consumer will stop purchasing the good at all. The costs of production include the costs that appear on the income statements. the opportunity costs foregone by producing a given product. accounting costs. accounting costs and opportunity costs. You are the manager of a firm that produces output in two plants. The demand for your firm's product is P = 120 - 6Q, where Q = Q1 + Q2. The marginal cost associated with producing in the two plants are MC1 = 2Q1 and MC2 = 4Q2. What price should be charged to maximize profits? 60. 66. 70. 76. The affordable bundle that yields the greatest satisfaction to the consumer is: the maximum bundle. the equilibrium consumption bundle. the allowable purchasing bundle. the most popular bundle The costs of production include the costs that appear on the income statements. the opportunity costs foregone by producing a given product. accounting costs. accounting costs and opportunity costs. You are the manager of a firm that produces output in two plants. The demand for your firm's product is P = 120 - 6Q, where Q = Q1 + Q2. The marginal cost associated with producing in the two plants are MC1 = 2Q1 and MC2 = 4Q2. What price should be charged to maximize profits? 60. 66. 70. 76. 60. 66. 70. 76. The affordable bundle that yields the greatest satisfaction to the consumer is: the maximum bundle. the equilibrium consumption bundle. the allowable purchasing bundle. the most popular bundle The affordable bundle that yields the greatest satisfaction to the consumer is: the maximum bundle. the equilibrium consumption bundle. the allowable purchasing bundle. the most popular bundle 100. -4. -20. 25. If a consumer is given a $10 gift certificate, good only for items in store X and all items in store X are normal goods, then the consumer desires to consume more goods in store X. less goods in store X. the same amount of goods in store X. none of the statements associated with this question are correct. Suppose that at the equilibrium price and quantity the marginal revenue is -$15 and the price elasticity of demand for a linear demand function is -0.75. Then we know that the equilibrium price is -$5. $45. -$45. $5. If the price of a good purchased by a utility maximizing consumer goes down, all other things remain the same, and the consumer's income is adjusted so that he can just barely attain his previous level of satisfaction, and if the consumer had indifference curves of the usual shape it will be found that more of the good will be purchased than before. less of the good will be purchased than before. the same amount of the good will be purchased as before. the consumer will stop purchasing the good at all. The costs of production include the costs that appear on the income statements. the opportunity costs foregone by producing a given product. accounting costs. accounting costs and opportunity costs. You are the manager of a firm that produces output in two plants. The demand for your firm's product is P = 120 - 6Q, where Q = Q1 + Q2. The marginal cost associated with producing in the two plants are MC1 = 2Q1 and MC2 = 4Q2. What price should be charged to maximize profits? 60. 66. 70. 76. The affordable bundle that yields the greatest satisfaction to the consumer is: the maximum bundle. the equilibrium consumption bundle. the allowable purchasing bundle. the most popular bundle Given that income is $500 and PX = $20 and PY = $5, what is the market rate of substitution between goods X and Y?

Explanation / Answer

1 d

2 a

3 c

4 a

5 a

6 dd

7 c

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