mgr econ quiz 5 - all goods. Question 19 3 out of 3 points...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Question 18 3 out of 3 points In spending all his income, the consumer chooses the bundle of goods that maximizes his utility. Which of the following statements will be correct? Selected Answer: C. The addition to utility of the last unit of good per dollar is equal across all goods. Correct Answer: C. The addition to utility of the last unit of good per dollar is equal across
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: all goods. Question 19 3 out of 3 points Find the point of intersection of the following two lines: Y = 1,000 - 20X and Y = 25 + 5X Selected Answer: D. X = 41, Y = 220 Correct Answer: D. X = 41, Y = 220 Question 20 3 out of 3 points For a linear demand function, Q = a + bP + cM + d P R , the income elasticity is Selected Answer: B. c(M/Q). Correct Answer: B. c(M/Q)....
View Full Document

This note was uploaded on 04/14/2010 for the course ECONOMICS 2345 taught by Professor Jamison during the Spring '10 term at York University.

Page1 / 2

mgr econ quiz 5 - all goods. Question 19 3 out of 3 points...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online