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Suppose you are maximizing utility by consuming two Big Macs at $2 apiece and three ice cream cones at $1 apiece. What happens to
Suppose you are maximizing utility by consuming two Big Macs at $2 apiece and three ice cream cones at $1 apiece. What happens to the number of Big Macs and ice cream cones consumed if the price of ice cream cones rises to $2 apiece? How does this change in consumption account for the law of demand? (Hint: This is related to marginal utility and the demand curve.)
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Exploring Economics
Authors: Robert L Sexton
5th Edition
978-1439040249, 1439040249
