d. Paul's 9. Paul considers goods 1 and 2 as perfect complements. Suppose prices and income change. with the price of good 1 increasing proportionately more than the price of good 2. After changing his optimal choice of consumption, he obtains the same level of utility as before. a. Paul's consumption of both commodities does not change; b. Paul consumes more of good 1 than before, and less of good 2 than before; c. Paul consumes more of good 2 than before, and less of good 1 than before; d. Paul consumes more of good 1 than before.

d. Paul's 9. Paul considers goods 1 and 2 as perfect complements. Suppose prices and income change. with the price of good 1 increasing proportionately more than the price of good 2. After changing his optimal choice of consumption, he obtains the same level of utility as before. a. Paul's consumption of both commodities does not change; b. Paul consumes more of good 1 than before, and less of good 2 than before; c. Paul consumes more of good 2 than before, and less of good 1 than before; d. Paul consumes more of good 1 than before.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Similar questions

Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400 citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. You staff's survey must have overestimated the value of a fireworks show. b The fireworks cost must have been greater than their economic benefit. The firework show suffered from the Tragedy of the Commons problems d The town's citizens were free-riders.
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