Which of the following activities would fall under the leisure category in labor-leisure indifference curve analysis
a. cutting your own lawn.
b. cleaning your own garage.
c. neither a or b.
d. both a and b.
c. neither a or b.
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The budget constraint for a consumer who only buys apples (
A) and bananas (B) is PAA + PBB = I where consumer income is I, the price of apples is PA, and the price of bananas is PB. To plot this budget constraint in a figure with apples on the horizontal axis, we should use a budget line represented by the slope-intercept equation: A) A = -I/PA + (PB/PA)B B) A = I/PA - (PB/PA)B C) B = -I/PB + (PA/PB)A D) B = I/PB - (PA/PB)A
If sellers respond to very small changes in price by adjusting their quantity supplied by extremely large amounts, the price elasticity of supply approaches
a. zero, and the supply curve is horizontal. b. zero, and the supply curve is vertical. c. infinity, and the supply curve is horizontal. d. infinity, and the supply curve is vertical.