ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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James enjoys having either a peanut butter sandwich or a bologna sandwich for his lunch. A drop in the price of peanut butter increases the marginal utility per dollar of peanut butter and causes James to buy more peanut butter and less bologna to restore maximum utility. This best illustrates the: a. substitution effect b. law of increasing total utility c. law of diminishing marginal utility d. income effect
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Transcribed Image Text:James enjoys having either a peanut butter sandwich or a bologna sandwich for his lunch. A drop in the price of peanut butter increases the marginal utility per dollar of peanut butter and causes James to buy more peanut butter and less bologna to restore maximum utility. This best illustrates the: a. substitution effect b. law of increasing total utility c. law of diminishing marginal utility d. income effect
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