ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Transcribed Image Text:The total utility of 3 units of good X is 22 and the total
utility of 5 units of good X is 28. The marginal utility of
the 5th unit of good X is equal to
A) 6
B) 50
C) 22
D) O
E) none of the above
Becky's income increases from $2,000 per week to
$2,400 per week. As a result, Becky decides to increase
her demand for good x by 25 percent. Please fill in the
blanks: We can conclude that good x is a(n)
good and that Becky's demand for
good x is
Select one:
a.
normal; income elastic.
b.
inferior; price inelastic.
C.
basic; income elastic.
d.
luxury; income inelastic.
e.
none of the above.
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