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LilyGal LilyGal
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4 years ago

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.

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InMicro

InMicro


Edition: 1st
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johnsykejohnsyke
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4 years ago
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LilyGal Author
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4 years ago
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