EQ 3 2010 answer key

EQ 3 2010 answer key - must this consumer give up in order...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
EQ #3 EQ #3 AGEC 105 AGEC 105 (3 pts.) (3 pts.) February 5, 2010 February 5, 2010 1. The following graph depicts alternative combinations of chicken and pork. (a) Which combination offers the highest level of utility? D (b) Consider the tradeoff of combination A for combination C. How many pounds of chicken
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: must this consumer give up in order to get one additional pound of pork? (12-9)/(3-8) = -3/5 = -.6 (c) What is the technical name associated with this tradeoff? MRS Marginal Rate of Substitution 12 9 8 3 5 7 8 Quantity of Chicken (lbs) Quantity of Pork (lbs)...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online