The New Yorker Ad

question 93

Multiple Choice

The New Yorker Ad -Technological advances are difficult to predict.One great advance can replace or substitute for existing products in a relatively short period of time.As shown The New Yorker ad above shows,tablet devices,such as the iPad,are likely to replace its weekly __________. A) radio broadcast B) television broadcast C) magazine D) e-book E) online video game The New Yorker Ad
-Technological advances are difficult to predict.One great advance can replace or substitute for existing products in a relatively short period of time.As shown The New Yorker ad above shows,tablet devices,such as the iPad,are likely to replace its weekly __________.

Definitions:

Cobb-Douglas Preferences

A utility function used in economics to represent preferences of consumers, characterized by goods being perfect substitutes or complements to some degree.

Utility Function

An expression used in economics to quantify the happiness or satisfaction gained from consuming a set of goods or services.

Consumption Bundle

A combination of different goods and services that a consumer chooses to purchase at a given time.

Quasilinear Preferences

Preferences represented by utility functions where the marginal utility of consumption is constant irrespective of other goods consumed.