Changes in short run total cost result from changes

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Unformatted text preview: of income as income falls d) Smaller fraction of income as income rises 21. Over the past YEAR, Apple’s stock has _________ and Google’s stock has _________ a) Increased, Increased c) Increased, Decreased b) Decreased, Decreased d) Decreased, Increased GOOD X GOOD Y Quantity MU Quantity MU 1 8 1 10 2 7 2 8 3 6 3 6 4 5 4 4 5 4 5 3 6 3 6 2 7 2 7 1 For questions 22 and 23: The Price of good X is $1 and the price of good Y is $2. The income is $9 22. When the consumer purchases the utility- maximizing combination of goods X and Y, total utility will be a) 36 c) 48 b) 45 d) 52 23. Suppose that the consumer’s income increased from $9 to $12. What would be the utility maximizing combination of goods X and Y? a) 5X and 2Y b) 6X and 3Y c) 2X and 5Y d) 4X and 4Y 24. The debate over income redistribution focuses on the tradeoff between equality and a) Efficiency c)...
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This note was uploaded on 07/08/2013 for the course ACG 2011 taught by Professor Accounting during the Winter '05 term at BC.

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