If average product is decreasing, then marginal product must be negative
Indicate whether the statement is true or false
FALSE
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If the annual interest rate is 5 percent,
a. $100 saved today will be worth $105 after one year b. $90 saved today will be worth $100 after one year c. $100 saved today will be worth $5 after one year d. $99 saved today will be worth $100 after one year e. $100 saved today will be worth $1,000 after one year
A consumer has spent all of his funds on hamburgers and movies. The price of a hamburger is $1 and the price of a movie is $5. The marginal utility of the last hamburger is 5 and the marginal utility of the last movie is 40. This consumer has
A) not maximized utility. To maximize utility, he should cut back on movies and buy more hamburgers. B) not maximized utility. To maximize utility, he should cut back on hamburgers and buy more movies. C) not maximized utility. To maximize utility, he should cut back consumption of each. D) maximized utility.