A metal-stamping factory moves next to a day care center. Noise from the factory makes it impossible for the kids to nap. What would be the optimal solution to this problem?
a. The factory should move.
b. The day care center should move.
c. The factory should install sound insulation.
d. The day care center should install sound insulation.
e. We cannot determine the solution without more information.
E
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Lilly Davis has $5 per week to spend on any combination of ice cream and candy. The price of an ice cream cone is $2 and the price of a candy bar is $1. The table below shows Lilly's utility values
Use the table to answer the questions that follow the table. Quantity of Ice Cream Cones Total Utility Marginal Utility Marginal Utility per Dollar Quantity of Candy Total Utility Marginal Utility 1 20 1 20 2 38 2 38 3 52 3 48 4 62 4 54 a. Complete the table by filling in the blank spaces. b. Suppose Lilly purchases 2 ice cream cones and 1 candy bar. Is she consuming the optimal consumption bundle? If so, explain why. If not, what combination should she buy and why?
For a normal good, the income and substitution effects work in the ______ direction. Therefore, a change in price produces a ______ change in uncompensated demand than in compensated demand.
A. opposite; smaller B. opposite; larger C. same; smaller D. same; larger