Economics 12E - Arnold - TB_126

Economics 12E - Arnold - TB_126 - LOCAL STANDARDS United...

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LOCAL STANDARDS: United States - OH - Default City - DISC: Utility and consumer choic - DISC: Utility and consumer choice KEYWORDS: Bloom's: Application 52. Suppose the marginal utility (MU) of a paperback books is 40 utils and each costs $5 while the MU of a hamburger is 20 utils and each costs $4. If you consume one movie and buy one hamburger per week, are you attaining consumer equilibrium? a. Yes, so there is no need to change. b. No. You need to buy more books and fewer hamburgers. c. No. You need to buy more hamburgers and fewer books. d. There is not enough information to answer the question. ANSWER: b POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Utility and consumer choic - DISC: Utility and consumer choice KEYWORDS: Bloom's: Application 53. Suppose for a consumer the marginal utility (MU) of bread is 20 utils and the MU of milk is 10 utils; the price of bread is $3 and the price of milk is $1. Given this, POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Utility and consumer choic - DISC: Utility and consumer choice KEYWORDS: Bloom's: Application
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