EBK INTERMEDIATE MICROECONOMICS AND ITS
12th Edition
ISBN: 9781305176386
Author: Snyder
Publisher: YUZU
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Chapter 14, Problem 9RQ
To determine
To explain: The reasons for occurrence of scarcity cost in case of finite resources and whether renewable resource producers face scarcity costs and difference between these two cases.
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X :
1. Define the Following
A. Economics
B. Factors of Production
C. Scarcity
D.Opportunity Cost
E. Law of Demand.
E. Production Possibilities Curve
G. Law of Supply
H. Three basic questions all economic systems must answer
2. Let the following table represents the total utility of a given consumer, in the car
dinal utility approach.
1
2
3
4
5
6
7
TUX
TU
8
14
18
20
20
18
16
6.
10
13
15
16
16
14
MUX
MUY
MUX/Px
MUy/Py
A) Calculate the MUx and MUy and fill the table in the 4th and 5th rows.
B) If the two products (X&Y) are free goods how many of X and Y should the con
sumer take to maximize utility?
C) What is the maximum utility of X and Y if they are free?
D) Let now price of X is 4 bir per unit and price of Y is 2 bir per unit. Calculate M
Ux/Px and MUy/Py and fill the 6th and 7th row.
E) Assuming the consumer has any amount of money (enough budget) how man
y of X and Y should the consumer buy, to maximize utility?
F)…
Chapter 14 Solutions
EBK INTERMEDIATE MICROECONOMICS AND ITS
Ch. 14.3 - Prob. 1MQCh. 14.3 - Prob. 2MQCh. 14.4 - Prob. 1MQCh. 14.4 - Prob. 1TTACh. 14.4 - Prob. 2TTACh. 14.5 - Prob. 1TTACh. 14.5 - Prob. 2TTACh. 14.5 - Prob. 1MQCh. 14.6 - Prob. 1TTACh. 14.6 - Prob. 2TTA
Ch. 14.6 - Prob. 1MQCh. 14.6 - Prob. 2MQCh. 14.6 - Prob. 1.1TTACh. 14.6 - Prob. 2.1TTACh. 14 - Prob. 1RQCh. 14 - Prob. 2RQCh. 14 - Prob. 3RQCh. 14 - Prob. 4RQCh. 14 - Prob. 5RQCh. 14 - Prob. 6RQCh. 14 - Prob. 7RQCh. 14 - Prob. 8RQCh. 14 - Prob. 9RQCh. 14 - Prob. 10RQCh. 14 - Prob. 14.1PCh. 14 - Prob. 14.2PCh. 14 - Prob. 14.3PCh. 14 - Prob. 14.4PCh. 14 - Prob. 14.5PCh. 14 - Prob. 14.6PCh. 14 - Prob. 14.7PCh. 14 - Prob. 14.8PCh. 14 - Prob. 14.9PCh. 14 - Prob. 14.10P
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