A typical family consumes 53 kg of good X per month, and the current price of X is $14/kg. Due to a supply shock, the supply of X has decreased. Under the new equilibrium, the marginal buyer's willingness to pay can be $[Answer]/kg, and a typical family will spend [Answer] money on the consumption of X. Select one: O a. 15, more O b. 13, more O c. 15, less O d. 13, less Oe. None of the above is correct.

A typical family consumes 53 kg of good X per month, and the current price of X is $14/kg. Due to a supply shock, the supply of X has decreased. Under the new equilibrium, the marginal buyer's willingness to pay can be $[Answer]/kg, and a typical family will spend [Answer] money on the consumption of X. Select one: O a. 15, more O b. 13, more O c. 15, less O d. 13, less Oe. None of the above is correct.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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