Examlex
Joe's utility function is given by U(x,y) = min[x,y]. The price of x is $4 and the price of y is $2 and Joe's income is $12. If the price of x decreases to $2 but Joe's income stays constant, then:
Q4: Fixed proportions production functions always have:<br>A)varying returns
Q14: Herongate Horses produces saddles (y)using two inputs,
Q14: Transaction costs exist because:<br>A)the information is costly.<br>B)the
Q23: A consumer's demand functions depend on:<br>A)her income
Q26: Mr. Inflexible's utility function is U(x<sub>1</sub>,x<sub>2</sub>)= min(x<sub>1,</sub>x<sub>2</sub>).
Q58: Since competitive firms are price takers, their
Q60: Modern theories of the firm are based
Q72: Beth consumes two goods, x<sub>1</sub><sub> </sub>and x<sub>2</sub>,
Q72: Sunk costs are irrelevant to economic decisions
Q93: In periods 0 and 1, Ralph consumed