cha7 chau - Question 1 0 out of 1 points A product has...

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Question 1 0 out of 1 points A product has utility if it: Answer Selected Answer: takes more and more resources to produce successive units of it. Question 2 1 out of 1 points Rosenbaum is purchasing products C and D in utility-maximizing amounts. If the price of C is $4 and the price of D is $2, then: Answer Selected Answer: the marginal utility of C is twice that of D.
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Question 3 1 out of 1 points When a consumer is maximizing total utility, Answer Selected Answer: total utility cannot be increased by reallocating expenditures among various products. Question 4 0 out of 1 points
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The shift of the budget line from cd to ab in the above figure is consistent with: Answer Selected Answer: decreases in the prices of both M and N . Question 5 1 out of 1 points To maximize utility a consumer should allocate money income so that the: Answer
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Selected Answer: marginal utility obtained from the last dollar spent on each product is the same. Question 6 1 out of 1 points Answer the next question(s) on the basis of the following total utility data for products L and M. Assume that the prices of L and M are $3 and $4 respectively and that the consumer's income is $18. Refer to the above data. What level of total utility does the consumer realize in equilibrium? Answer
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Selected Answer: 51 utils Question 7 1 out of 1 points Answer the next question(s) on the basis of the following two schedules which show the amounts of additional satisfaction (marginal utility) which a consumer would get from successive quantities of products J and K. Refer to the above data. If the consumer has a money income of $52 and the prices
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This note was uploaded on 07/03/2011 for the course ECON 201 taught by Professor D,k during the Summer '11 term at Accreditation Commission for Acupuncture and Oriental Medicine.

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cha7 chau - Question 1 0 out of 1 points A product has...

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