Exam (elaborations)
ECON 101MIDTERM EXAM (WITH ANSWERS)
- Module
- Institution
1. Suppose that MU of an additional apple is 20 and its price is $1, while MU for an additional orange is 7and its price is $ 0.5. To maximize utility what should you do? a. Buy more oranges. b. Buy less apples c. Buy more apples d. Divide your budget equally between apples and oranges. 2. When ave...
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