Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer me the questions, thanks much. [ Question 13 4 pts To determine the utility maximizing consumption of two products one uses the formula

please answer me the questions, thanks much.

image text in transcribed
[ Question 13 4 pts To determine the utility maximizing consumption of two products one uses the formula that is called the rule for maximizing utility: O P1/P2=MU1/MU2 which also is stated as MU1/PU1=MU2/P2.. O Explains the Diamond-Water Paradox. O Calculates the utility maximizing consumption of the two goods. O All of the above are correct. O None of the above are correct. Question 16 4 pts Given that Kim can consume a total of 8 tacos and O hamburgers, or 0 tacos and 4 hamburgers for her weekly lunch consumption possibilities; and, the price of a taco is $2.00, then Kim's weekly lunch budget is O $32.00 O $16.00 O $8.00 O $4.00 O $2.00 Question 15 4 pts A family on a trip budgets $1600.00 for restaurant meals and fast food meals. The family can buy 16 restaurant meals if they buy zero fast food meals. What is the price of a restaurant meal for the family? O $10.00 O $16.00 O $32.00 O $100.00 O $1600.00 Question 14 4 pts If the Marginal Utility to Lee of working out in the gym one more day per week, from 5 to 6 days per week, becomes negative, O Lee s better off working out 5 days per week. O Lee is better off working out 6 days per week. O Lee is better off working out 7 days per week. O Lee is better off working out 0 days per week. O Lee should not work out at the gym

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Global Marketing

Authors: Johny K Johansson

5th Edition

0073381012, 9780073381015

More Books

Students also viewed these Economics questions

Question

Purpose: What do we seek to achieve with our behaviour?

Answered: 1 week ago

Question

An action plan is prepared.

Answered: 1 week ago