If the real exchange rate between the U.S. and Japan is 1, the nominal exchange rate is 100 yen per U.S. dollar and the price of chicken in the U.S. is $2.50 per pound, what is the price of chicken in Japan?

Refer to the scenario above. Elly should use ________ to make her decision

A) mixed strategies B) backward induction C) forward induction D) her dominated strategy

To maximize her utility, Pat should spend all of her money and buy goods in a way that

A) the marginal utility of the last unit of each good is the same. B) the marginal utility per dollar from each good is the same. C) her total expenditure on each good is the same. D) her price elasticity of demand for each good is the same.