1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Fudgin [204]
3 years ago
11

Michael is maximizing utility by consuming three colas at $3 a piece and four hot dogs. The last cola gave him 300 units of util

ity, and the last hot dog gave him 500 units of utility. The price of each hot dog is: A. $4.00. B. $3.00. C. $5.00. D. $2.50.
Business
1 answer:
marusya05 [52]3 years ago
5 0

Answer:

C. $5

Explanation:

Marginal utility is the benefit gained from consuming an additional unit of a product or service.

According to the question, Michael is maximizing utility when Marginal Utility / Price of colas is equal to Marginal Utility / Price of hotdogs. Marginal utility can thus be found by solving the following equation for X (the price of hot dog)

MU/P of Colas = MU/P of hot dogs

300/3 = 500/X

3/300 = X/500

X = (3/300) x 500

X = 0.01 x 500

X = 5

Hence, the price of each hot dog is $5.

You might be interested in
9)What is the dominant strategy for bidders in an English oral auction?9)A)Bid until the previous bid price equals the reservati
Sophie [7]

Answer: B) Keep bidding until all other bidders quit, regardless of your reservation price.

Explanation: Familiar to English auctions, the bidders are aware of the prices of items on sale and the numbers of other bidders. This price is known as the reserve or reservation price which is the limit on the price of the item on sale set by the seller (that is the lowest price the seller is willing to sell the item). The bids start at a low price and keeps coming in until there are no more bids irregardless of the reservation price set. It probably depends on how much you value the item on sale and are willing to pay for it. Not necessarily on the reservation price.

3 0
3 years ago
Identify the correct sentence.
disa [49]
Answer choice D is punctuated correctly due to the use of the long dash between the words year and summer.
8 0
3 years ago
Tại sao sản lượng bằng thu nhập
Artist 52 [7]

Answer:

Khi một lượng sản lượng cụ thể được sản xuất, một lượng thu nhập giống hệt nhau được tạo ra bởi vì sản lượng đó thuộc về một người nào đó. Do đó, chúng ta có nhận dạng rằng đầu ra bằng thu nhập (trong đó danh tính là một phương trình luôn đúng bất kể giá trị của bất kỳ biến nào).

Explanation:

When a particular quantity of output is produced, an identical quantity of income is generated because the output belongs to someone. Thus we have the identity that output equals income (where an identity is an equation that is always true regardless of the values of any variables).

7 0
3 years ago
Corey notices a "backlash" against health food among people who eat out. He decides to open a restaurant that stresses "good hom
Llana [10]

Answer:

<u>Opportunity</u>

Explanation:

Corey notices a "backlash" against health food among people who eat out. He decides to open a restaurant that stresses "good home cooking" heavy with gravies , bread , oils , etc. Corey has identified and is trying to capitalize on an opportunity in the market environment.

O<em>pportunities are external thin</em>g .<em> You have to look for them , it is not something which come to you by it own .Instead you have to work hard for </em>it.

You should have the full knowledge about the external environment . You should have the knowledge about the market about people and should know about the taste and preferences of the people.

There is always an opportunities you just need to identify it . Here <em>Corey identify the need and he have the means to fulfill that need which als</em>o <em>essential</em> . Only identifying the opportunities is not the only thing but also you have the means to fulfill them . After that you can gain benefits.

7 0
3 years ago
Both Projects A and B are acceptable as independent projects. However, the selection of either one of these eliminates the optio
Slav-nsk [51]

Answer: Mutually exclusive

Explanation:

In probability theory and logic, two propositions or events are disjoint or mutually exclusive if both events cannot occur at the same time. An example is the outcomes derived from the single toss of a coin which either be head or tail

In the project example given, the theory used is called mutually exclusive since both projects can not be chosen at the same time and it is only one project at w time. Mutually exclusive events are also called independent events since they have no effect on the viability of the other options.

4 0
3 years ago
Other questions:
  • ABC Corporation has 2.8 million shares of stock outstanding. The stock currently sells for $50 per share. The firm’s debt is pub
    9·1 answer
  • Insurance that pays all expenses generated by the insured activity is known as:
    10·1 answer
  • Japan has increased the price of rice imported from the united states through a tax on american rice. this is a form of
    11·1 answer
  • Which of the following is not a true statement? a. Companies that are believed to have high bankruptcy risk generally receive lo
    10·2 answers
  • One of the causes of the financial crisis of 2008 was the connectedness of financial institutions, where financial assets for on
    12·1 answer
  • Q 7.28: A multi-location flower shop receives payment from customers in person, over the Internet, and through the mail. When ch
    12·1 answer
  • The Polishing Department of Marigold Company has the following production and manufacturing cost data for September. Materials a
    15·1 answer
  • Employees working in the petroleum industry in Alaska might be receiving higher wages based on the fact that their careers requi
    9·2 answers
  • What is the economic definition of​ utility? Utility is
    12·1 answer
  • The total of all accumulated and unpaid deficits a situation in which revenue exceeds outlays a situation in which outlays excee
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!