When Jack consumes the first bottle of water, his utility increases by 20 utils. The second bottle of water increases his utility by 18 utils, and the third bottle of water increases his utility by 15 utils. This implies that the marginal utility of the second bottle of water is _____

Suppose your utility function for food (F) and clothing (C) is u(F,C) = F + 4C. If you reduce your clothing consumption by 2 units, how much do you have to increase your food consumption in order to maintain the same utility level?

A) 2 units B) 4 units C) 6 units D) 8 units

Suppose that demand for a good decreases and, at the same time, supply of the good decreases. What would happen in the market for the good?

a. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. b. Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous. c. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous. d. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.