Business, 25.01.2020 04:31 tennispro154
Can a set of indifference curves be upward sloping? if so, what would this tell you about the two goods? a set of indifference curves
a.
cannot be upward sloping because this violates the assumption that more is better than less, indicating that one of the goods is a "neutral."
b. cannot be upward sloping because this violates the assumption of transitivity, indicating that one of the goods is a  "neutral good."
c. cannot be upward sloping because this violates they the assumption of completeness, indicating that one of the goods is a"bad."
d.
cannot be upward sloping because this violates the assumption that more is better than less, indicating that one of the goods is a "bad."
e.
cannot be upward sloping because this violates the assumption of transitivity, indicating that preferences are not consistent.
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Demand increases by less than supply increases. as a result, (a) equilibrium price will decline and equilibrium quantity will rise. (b) both equilibrium price and quantity will decline. (c) both equilibrium price and quantity will rise
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Solomon chemical company makes three products, b7, k6, and x9, which are joint products from the same materials. in a standard batch of 320,000 pounds of raw materials, the company generates 70,000 pounds of b7, 150,000 pounds of k6, and 100,000 pounds of x9. a standard batch costs $3,840,000 to produce. the sales prices per pound are $10, $14, and $20 for b7, k6, and x9, respectively. (a) allocate the joint product cost among the three final products using weight as the allocation base. (b) allocate the joint product cost among the three final products using market value as the allocation base. (c) allocate the joint product cost among the three final products using weight as the allocation base.
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