EBK MICROECONOMICS: PRIVATE AND PUBLIC
16th Edition
ISBN: 8220103612142
Author: Gwartney
Publisher: Cengage Learning US
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Textbook Question
Chapter 9, Problem 6CQ
Suppose that the development of a new drought-resistant hybrid seed corn leads to a 50 percent increase in the average yield per acre without increasing the cost to the farmers who use the new technology. If the producers in the corn production industry were
- a. the price of corn
- b. the profitability of corn farmers who quickly adopt the new technology
- c. the profitability of corn farmers who are slow to adopt the new technology
- d. the price of soybeans, a substitute product for corn
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1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3
apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added
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Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's
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with necessary calculations.
Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer.State the condition for a consumer's utility maximizing choice and illustrate graphically.
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EBK MICROECONOMICS: PRIVATE AND PUBLIC
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