Suppose the Price Of $X$ Is $\$ 15$ Per Unit, the Price Of

question 52

Multiple Choice

Suppose the price of $X$ is $\$ 15$ per unit, the price of $Y$ is $\$ 12$ per unit, the consumer's income is $\$ 100$ , and the consumer's lesvel of satisfaction is measured by XY + Y. The consumer's constraint is

• A) \(\mathrm { X } + \mathrm { Y } \leq 100\)
• B) \(\max X\)
• C) \(15 \mathrm { X } + 12 \mathrm { Y } \leq 100\)
• D) \(\operatorname { Max } X Y + Y\)

Understand the roles of firm entry and exit in determining market equilibrium in the long run.

Analyze the impact of external market forces on equilibrium points and firm behavior.

Understand the difference between diminishing marginal productivity and its effect on total product versus total cost.

Grasp the basic concept of profit calculation and the distinction between total revenue and total cost.