Indy has a price elasticity of demand for beer of 1.00. Suppose the price of each beer is increased by 10 percent. What will happen to the total amount Indy spends on beer?

What determines the demand for loanable funds and what makes it change?

What will be an ideal response?

Which of the following violates the law of diminishing marginal utility? a. Phil's marginal utility from drinking another beer remains positive as he drinks more at a party

b. Phil's marginal utility from drinking becomes negative after 6 beers at a party. c. Phil's total utility from drinking 5 beers at a party is greater than his total utility of drinking 3 beers at a party. d. The more beer Phil drinks, the more he enjoys the next one.