Assume that a pound of blueberries costs $2. Usually, James purchase 30 pounds of blueberries in one summer, and his neighbour Helen purchases 20 pounds. Suppose the marginal value of each pound of blueberries falls with the quantity. Which of the following is true? O a. Both James and Helen will stop purchasing when the marginal value of the next pound falls below $2. The last pound of blueberries Helen purchases has a higher marginal value than the last pound of blueberries James purchases. O b. O c. The last pound of blueberries James purchases has a higher marginal value than the last pound of blueberries Helen purchases. O d. James must have obtained a higher total value from blueberries than Helen Oe. The consumer surplus obtained from certain pounds of blueberries can be negative.
Assume that a pound of blueberries costs $2. Usually, James purchase 30 pounds of blueberries in one summer, and his neighbour Helen purchases 20 pounds. Suppose the marginal value of each pound of blueberries falls with the quantity. Which of the following is true? O a. Both James and Helen will stop purchasing when the marginal value of the next pound falls below $2. The last pound of blueberries Helen purchases has a higher marginal value than the last pound of blueberries James purchases. O b. O c. The last pound of blueberries James purchases has a higher marginal value than the last pound of blueberries Helen purchases. O d. James must have obtained a higher total value from blueberries than Helen Oe. The consumer surplus obtained from certain pounds of blueberries can be negative.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Assume that a pound of blueberries costs $2. Usually, James purchase 30 pounds of blueberries in one
summer, and his neighbour Helen purchases 20 pounds. Suppose the marginal value of each pound of
blueberries falls with the quantity. Which of the following is true?
O a. Both James and Helen will stop purchasing when the marginal value of the next pound falls below $2.
The last pound of blueberries Helen purchases has a higher marginal value than the last pound of
blueberries James purchases.
O b.
O c. The last pound of blueberries James purchases has a higher marginal value than the last pound of
blueberries Helen purchases.
O d.
James must have obtained a higher total value from blueberries than Helen.
Oe. The consumer surplus obtained from certain pounds of blueberries can be negative.
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