Answer:
The correct answer is 10 chips.
Explanation:
A person is eating chips. Initially, the marginal utility is very high, but after 10 chips it starts declining. It declines till 49 chips and after that it becomes negative.
We see that the marginal utility derived from the consumption of chips start to decline after consuming 10 chips.
This implies that marginal utility is being maximized at the consumption of 10 chips.
So the utility-maximizing quantity of chips is 10 chips.
Answer:
He will be less likely to spend on scones.
Explanation:
Understanding the spending pattern requires to understand the factors involving in purchasing.
- Income: Some people live tightly, and for that they have to cut down their expenditures and that affects their spending. Jose will not have much issues although buying scones because they will not be expensive, so this relationship is negative.
- Substitution: This will probably affect the the spending of Jones on scones because he used to buy both together, and if he stops spending on coffee he will not buy scones as well.
Yes, its is the only thing marketing mix does.
Answer:
Standard of value.
Explanation:
When money serves as a common denominator for measuring the exchange rates among goods and services, it performs as a standard of value.
Standard of value is an agreed-upon worth for a transaction in a country's medium of exchange, such as the U.S. dollar or Mexican peso. A standard of value allows all merchants and economic entities to set uniform prices for goods and services
The correct answer is C,
A good is said to have an inelastic supply if the suppliers did not have any choice than producing it even though the cost of production is high and the buyers did not have any choice than buying it even though it is expensive.
No one can do without shoes, even if they are expensive, we still need to buy them.
