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a) Given the following demand Function for beef (kg), P=100-2Q
i) By how much would the price have to fall for consumer to be willing to buy 1 more kg of beef per day?
ii) If the price decreases by $0.7, by how much will the demand change?
b) Define marginal utility. Provide an argument why maximize total utility of good X and good Y, the consumer should consume until the ratio of marginal utilities over price is the same across both goods.
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A society will be at a point outside its production possibilities curve whenever
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