Title: -2Figure 10-2 represents the demand for ice cream cones.Refer to Figure 10-2. Which of the ...
Post by: LilyGal on Oct 9, 2019
Figure 10-2
Figure 10-2 represents the demand for ice cream cones.
Refer to Figure 10-2. Which of the following statements is true?
▸
Point a could be a utility-maximizing choice if the price is $3 but point b may not be because we have no information on the marginal utility per dollar when price changes.
▸
Points a and b are the utility-maximizing quantities of ice cream cones at two different prices of ice cream.
▸
Points a and b are derived independently of the utility-maximizing model.
▸
Points a and b may not necessarily be the utility-maximizing quantities of ice cream cones at two different prices because we have no information on the consumer's budget or the price of other goods.
Title: -2Figure 10-2 represents the demand for ice cream cones.Refer to Figure 10-2. Which of the ...
Post by: johnsyke on Oct 9, 2019
Content hidden