Exam (elaborations)
Exam (elaborations) ECON 101
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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? 2. When average total cost is falling, marginal cost must be d. below variable cost. 3. In the short run, a monopolist w...
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