02 Jun Question Mr. Smart still has money in pocket to spend. If only two products are available to him, apple (A) and beef (B); the current marginal utility (MU) an
Question
Mr. Smart still has money in pocket to spend. If only two products are available to him, apple (A) and beef (B); the current marginal utility (MU) and unit price (P) are as the following: MUA=3, MUB=10, PA=$1, PB=$4. In order to maximize his total utility, Mr. Smart should
purchase more beef because its marginal utility is greater than apple’s.
purchase more apples because the marginal utility per dollar is greater than beef’s.
purchase more beef because he likes it.
purchase more apples because the price is very low.
“I like ice cream, but after eating homemade ice cream last night, I want to have something else for desert today.” This statement most clearly reflects
the law of demand.
the law of diminishing returns.
the law of diminishing marginal utility.
the law of increasing costs.
Consider the following linear demand function where QD = quantity demanded; P = selling price; M= disposable income; PR= price of related good: QD = 60 – 4P Assume that the current market price is P=10. In order to increase the total revenue, the sales manager should _______ the price.
raise
maintain
cut
freeze
A market demand curve
is the horizontal summation of the demand curves of all consumers in the market.
is the sum of the prices consumers are willing to pay at each quantity.
is more unpredictable compared with a consumer’s individual demand.
Both a and c
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