Biology Forums - Study Force

Suppose Jenny's marginal utility of fish is 40 and her marginal utility from chips is 20. The price of fish is 10 and the price of chips is 1. What should Jenny do to maximize her utility? Explain your answer.
 
  What will be an ideal response?

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Ques. 2

The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for raising goats on a common pasture.
 
  A quota to prevent the overuse of the common pasture sets the number of goats to be raised equal to ________. A) 0 goats
  B) 40 goats
  C) 50 goats
  D) 55 goats

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Ques. 3

The federal income tax in the United States is
 
  A) regressive.
  B) proportional.
  C) progressive.
  D) a flat-rate tax.

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Ques. 4

A necessity (such as food and shelter) generally has an inelastic demand.
 
  Indicate whether the statement is true or false

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Ques. 5

If you have private information that you are a safer driver than your record indicates, you are likely to buy an insurance policy with
 
  A) a higher than average deductible.
  B) a positive but lower than average deductible.
  C) an average deductible.
  D) no deductible.

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Ques. 6

The effect of a change in price on the quantity bought while keeping the consumer on the same indifference curve, is called the
 
  A) price effect.
  B) income effect.
  C) substitution effect.
  D) real effect.

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