If Ellie Mae spends her income on possum and biscuits and the price of possum is three times the price of biscuits, then when Ellie Mae maximizes total utility, she will buy
a. equal quantities of possum and biscuits
b. three times as much possum as biscuits
c. three times as many biscuits as portions of possum
d. biscuits and possum until the marginal utility of possum is three times the marginal utility of biscuits
e. biscuits and possum until the marginal utility of biscuits is three times the marginal utility of possum
D
Economics
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Marginal external cost equals marginal private cost minus marginal social cost
a. True b. False
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The term "import" refers to:
a. a purchase of goods or services from another country. b. a business transaction between two or more domestic firms. c. a sale of goods or services to another nation. d. a tax on foreign merchandise. e. a trade agreement between two industrial countries.
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