econ._ch._9_hw - B. Study 5 hours for psychology and 1 hour...

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Nancy Crawley Ch. 9 Page 312 1.3- Means the limited amount of income available to consumers to spend on goods and services. The rule means: as you decide how to spend you income, you should buy your product up to the point where the last thing purchases will give you equal increases in utility per dollar. By doing this you maximize your total utility. 1.6- A. Study 3 hours for economics and study 3 hours for psychology.
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Unformatted text preview: B. Study 5 hours for psychology and 1 hour for economics. 3.2- Because if consumers believe that movie stars or professional athletes are using a product, demand for the product will increase. They feel like the celebrities are more knowledgeable about products and when we buy them we feel closer to them....
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This note was uploaded on 01/05/2012 for the course ECON 200 taught by Professor Dr.frank during the Spring '10 term at Wingate.

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