Consider the following utility function: U(x, y) = 10x + 2y. A consumer faces prices of px = 1 and py = 2. Assuming that graphically good x is on the horizontal axis and good y is on the vertical axis, suppose the consumer chooses to consume 5 units of good x and 13 units of good y. What is the marginal rate of substitution (MRS) equal to?

The green revolution is a scientific breakthrough that improved seeds for basic crops. how did the green revolution impact the supply of basic crops such as wheat and corn? the supply of wheat and corn increased. there was no impact on the supply of basic crops. the supply of basic crops did not change, but the quantity supplied of basic crops increased. the supply of wheat and corn decreased.

20. to add body to a hearty broth, you may use a. onions. b. pasta. c. cheese. d. water.

Hank itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. the following are required for production of a 70-gallon batch. 2,700 ounces of grape concentrate at $0.04 per ounce 77 pounds of granulated sugar at $0.43 per pound 133 lemons at $0.79 each 350 yeast tablets at $0.24 each 350 nutrient tablets at $0.14 each 2,500 ounces of water at $0.001 per ounce hank estimates that 4% of the grape concentrate is wasted, 9% of the sugar is lost, and 32% of the lemons cannot be used. compute the standard cost of the ingredients for one gallon of wine. (round intermediate calculations and final answer to 2 decimal places, e. g.