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Suppose Mary enjoys Pepsi and Coke according to the function U(P;C) = 4C + 5P.
1)What does her utility function say about her MRS of Coke for Pepsi?
2)What do her indierence curves look like?
3)What type of goods are Pepsi and Coke for Mary?
4)If Pepsi and Coke each cost $1 and Mary has $20 to spend on these products, how many units of each product should she buy in order to maximize her utility?
5)Show this utility maximiz- ing combination combination of Pepsi and Coke on the graph. how would her consumption and utility maximizing bundle of Coke and Pepsi change if the price of Coke decreases to 50 cents?
If Microeconomics is considered to be study of scarce resources. In which customers must make allocation decisions. These 3-basic trade offs include which products or services are to be manufactured
Dundee argues that the situation in Oklahoma City was desperate, and that Lindenwood could have tried to locate other suppliers of the lumber to meet its lumber needs. The case is tried before you, the Circuit Court of St. Charles County.
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What would each of the following events do to the terms of trade of the importing country and the exporting country, other things being equal?
If not, what government expenditures should be excluded from GDP? Are income taxes collected by the government from consumers included in GDP and, if so, how?
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Since demand elasticity is greater than 1 (absolute value) revenues will be increased, and since price is above marginal costs profits will increase.
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