Suppose a cup of coffee at the campus coffee shop is $2.50 and a cup of hot tea is $1.25 . Suppose a student's beverage budget is $20 per week. Suppose the student simply prefers more caffeine to less and that the tea sold has the same amount of caffeine as the coffee. The student will buy
a. all tea.
b. all coffee.
c. a mix of coffee and tea.
d. quantities that cannot be determined from the information given here.
a
Economics
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If skilled and unskilled labor are substitutes, then an increased minimum wage would tend to
A) reduce the demand for both unskilled and skilled workers. B) reduce the quantity demanded of unskilled workers and increase the demand for skilled workers. C) reduce the demand for unskilled workers and increase the quantity demanded of unskilled workers. D) reduce the quantity demanded for both unskilled and skilled workers.
Economics
Refer to Figure 4-3. If the market price is $3.50, what is the maximum number of ice cream cones that Kendra will buy?
A) 1 B) 2 C) 3 D) 4
Economics