5) In 2012, a consumer spends $1000 on health insurance. In 2013, she decides to buy more, spending $1300. In 2014, she increases that amount further to $1500. In 2015, she stops increasing the amount she spends on health insurance. For this consumer in 2015: A. The marginal product from health insurance is greater than the marginal product from all other goods B. The marginal product from health insurance is equal to the marginal product from all other goods C. The last dollar spent on all other goods generates more utility than the last dollar spent on health insurance D. None of the above

5) In 2012, a consumer spends $1000 on health insurance. In 2013, she decides to buy more, spending $1300. In 2014, she increases that amount further to $1500. In 2015, she stops increasing the amount she spends on health insurance. For this consumer in 2015: A. The marginal product from health insurance is greater than the marginal product from all other goods B. The marginal product from health insurance is equal to the marginal product from all other goods C. The last dollar spent on all other goods generates more utility than the last dollar spent on health insurance D. None of the above

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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