The law of diminishing marginal utility implies supply curves always slope upwar

Question

The law of diminishing marginal utility implies supply curves always slope upward. total utility will always increase by an increasing amount as consumption increases. a consumer will always buy positive amounts of all goods. demands curves always slope downward. Suppose that the marginal utility George gets from buying the 4th cookie is 6. Each cookie costs $1. Suppose the marginal utility he gets from buying the 3rd bag of candy is 30 and each candy bag costs $2. To maximize utility, George should continue to consume the same amounts of cookies and candies since the consumer is already maximizing utility. consume less of both cookies and candies. consume less cookies and more candy. consume more cookies and less candy. Olivia prefers Greek mythology to Egyptian mythology; she prefers Egyptian mythology to Roman mythology. Her preferences will be consisted if she prefers Egyptian mythology to Greek mythology. Roman mythology to Egyptian mythology. Greek mythology to Roman mythology. Roman mythology to Greek mythology.

Explanation / Answer

Answer 3

MUx 4th cookie= 6

Per cookie cost $1

MUy 3rd bag of candy= 30

Per candy  cost= $2

Hence Maximize utility MUx/MUy=6/30= 1/5 & MUy/MUx=5

Hence he should continue to have cookie & less of candy answer is Option D.

Questions 4 answer is c

Greek > Egyptian

Egyptian > roman

Hence Greek > Egyptian> roman

So Greek preferred then roman.

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