Which of the following would shift the demand curve for new college textbooks to the right?
a. an increase in the price of new college textbooks
b. a decrease in the price of new college textbooks
c. an increase in the price of used college textbooks
d. a decrease in the population of college students
e. a decrease in the wealth of college students
C
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If population is expanding at a faster rate than a country's real output is expanding: a. real per capita output would increase
b. real per capita output would decrease. c. the production possibilities curve for the country as a whole will be shifting outward. d. both (b) and (c) would be true.
Harriet enjoys watching both American Idol and Desperate Housewives on television. Her preferences correspond to the utility function U(A,D) = 2A + 4?D, where A stands for the number of hours she watches American Idol and D is the number of hours she watches Desperate Housewives.
a. How would Harriet rank the following alternatives: 4 hours of American Idol and 2 hours of Desperate Housewives, 2 hours of American Idol and 4 hours of Desperate Housewives and 3 hours of American Idol and 3 hours of Desperate Housewives? b. Suppose that one week, Desperate Housewives is not shown, but there is a two-hour American Idol special (instead of the usual one-hour program). Is Harriet better off or worse off? Explain. c. Would Harriet's preferences change if her utility function was expressed as U(A,D) = 2A + 4?D+6? Why or why not? What will be an ideal response?