Business, 10.03.2020 05:14, kristieroth1
Scott consumes only two goods, rice and soup. His preferences are complete, transitive, monotonic and convex. When the price of rice falls, he buys more rice and the same amount of soup.
Based on this information we can say that:
a) Rice is necessarily a normal good.
b) Rice is necessarily an inferior good.
c) Soup is necessarily a normal good.
d) Soup is necessarily an inferior good.
e) None of the above
Answers: 2
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The market demand curve for a popular teen magazine is given by q = 80 - 10p where p is the magazine price in dollars per issue and q is the weekly magazine circulation in units of 10,000. if the circulation is 400,000 per week at the current price, what is the consumer surplus for a teen reader with maximum willingness to pay of $3 per issue?
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Describe what fixed costs and marginal costs mean to a company.
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Scott consumes only two goods, rice and soup. His preferences are complete, transitive, monotonic an...
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