Mitchell’s money income is $150, the price of X is $2, and the price of Y is $2. Given these prices and income, Mitchell buys 50 units of X and 25 units of Y. Call this combination of X and Y bundle J. At bundle J Mitchell’s MRS is 2. Given these prices and income, what is Mitchell’s equilibrium consumption of X?
Multiple Choice Quizzes with Answer in English (Page: 381)
Mitchell’s money income is $150, the price of X is $2, and the price of Y is $2. Given these prices and income, Mitchell buys 50 units of X and 25 units of Y. Call this combination of X and Y bundle J. At bundle J Mitchell’s MRS is 2. At bundle J, if Mitchell increases consumption of Y by 1 unit how many units of X can he give up and still reach the same level of utility?
Managers can get workers to work longer hours
The revenues earned by the firm from the consumer may be maximized under
The firm manager with horizontal indifference curves (output on the horizontal axis, profit on the vertical axis) views
A firm manager with vertical indifference curves (output on the horizontal axis, profit on the vertical axis) views
The firm manager with indifference curves which are convex from the origin (output on the horizontal axis and profit on the vertical axis) views
Suppose a worker is offered a wage of $8 per hour, plus a fixed payment of $100 per day, and he can use 24 hours per day. What is the equation for the worker’s opportunity set? (E is total earnings and L is leisure)
Suppose a worker is offered a wage of $8 per hour, plus a fixed payment of $100 per day, and he can use 24 hours per day. What is the market rate of substitution between leisure and income?
Suppose a worker is offered a wage of $8 per hour, plus a fixed payment of $100 per day, and he can use 24 hours per day. What is the minimum the worker can earn in a day?
Suppose a worker is offered a wage of $8 per hour, plus a fixed payment of $100 per day, and he can use 24 hours per day. What are the maximum total earnings the worker can earn in a day?
If a firm offers to pay a worker $10 for each hour of leisure the worker gives up the $10 implies the
If a firm offers to pay a worker $10 for each hour of leisure the worker gives up then the opportunities confronting the worker will be given by the
Most workers view leisure and income as
Running a supermarket involves
If you include in your offerings some inferior goods, the demand for these products will increase
Many gourmet shops go out of business during recessions since they sell almost exclusively
When the price of a good increases with other things unchanged, the real income of the consumer
The substitution effect reflects how a consumer will react to a different
If you sell an inferior good, offering to sell gift certificates to those looking for a gift may result in