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lmalma lmalma
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Posts: 491
5 years ago Edited: 5 years ago, bio_man
Figure 10-1




Refer to Figure 10-1. Which of the following statements is true?

• Quantities Q0 and Q1 are the utility-maximizing quantities of hoagies at two different prices of hoagies.

• Quantities Q0 and Q1 may not necessarily be the utility-maximizing quantities of hoagies at two different prices because we have no information on the consumer's budget or the price of other goods.

• Quantity Q0 could be a utility-maximizing choice if the price is $5.75, but quantity Q1 may not be because we have no information on the marginal utility per dollar when price changes.

• Quantities Q0 and Q1 are derived independently of the utility-maximizing model.
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
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DWFG2796DWFG2796
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