Using the above figure, we can conclude that A) the consumer will purchase goods

Question

Using the above figure, we can conclude that A) the consumer will purchase goods at combination M. B) the consumer is indifferent between J and M. C) K is the optimal combination of goods. D) L is preferred to K. 10) In the above figure, if the budget the consumer will maximize utility at point A) A. B) B. C) C. D) G. 11) Using the figure above, what has happened when the Budget constraint rotates from DE to DF? A) Price of Coffee has increased B) Price of Coffee has decreased C) Price of Bagels has increased D) Price of Begels has decreased 12) Suppose that one worker can produce 15 cookies, two workers can produce 35 cookies together, and three workers can produce 65 cookies together. What is the marginal product of the 2nd worker? A) 15 cookies B) 20 cookies C) 30 cookies D) 35 cookies

Explanation / Answer

10. B) B because indifference curve is tangent to the budget line.

11. A) Price of coffee has increased.

12. B) 20 cookies

MP2 = TP2 - TP1 = 35 - 15 = 20 cookies

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.