ECON 1000 Study Guide - Midterm Guide: Ceteris Paribus, Utility, Inferior Good

• School: York University
• Department: Economics
• Course: ECON 1000
• Professor: Jeff Quattrociocchi

Document Summary

The price of a hamburger is and the price of a pizza is . Let muh be the marginal utility of hamburgers and mup be the marginal utility of pizzas. The price of a bag of peanuts is and the price of a bag of popcorn is . What is marie-louise"s real income in terms of popcorn: 5 bags of popcorn, 1 bag of popcorn, 1/2 bag of popcorn, 2 bags of popcorn, 10 bags of popcorn, the price of a cup of coffee is . 40. The price of a cup of tea is . 20. The relative price of a cup of tea with respect to a cup of coffee is: 1. 67 cups of coffee, 1. 25 cups of coffee, 0. 5 cups of coffee, 0. 75 cups of coffee, 2. 0 cups of coffee. Table 11. 2. 2: refer to table 11. 2. 2 which gives tania"s total product schedule. Figure 11. 3. 2: refer to figure 11. 3. 2, which illustrates the short-run average and marginal cost curves.