A consumer has preferences represented by the utility function U ( x 1 , x 2 ) 10( x 1 2 2 x 1 x 2 x 2 2 )50 For this consumer, goods 1 and 2 are perfect substitutes and indifference curves are downward sloping Charlie's utility function is U ( x , y ) xy 2 His marginal rate of substitution between x and y does not change if you double the amount of both goods If there are two goods and the price of one good is reduced, while income and other prices remained constant, then the size of the budget set is reduced If there are two goods, and if one good has a negative price and the other has a positive price, then the slope of the budget line will be positive If there are constant returns to scale, then doubling the amount of any input will exactly double the amount of output If the production function is f ( x 1 , x 2 ) x 1 x 2 , then there are constant returns to scale If there are increasing returns to scale, then average cost is a decreasing function of output It is possible to have decreasing marginal products for all inputs, and yet have increasing returns to scale The marginal cost curve passes through the minimum point of the average fixed cost curve If a profit maximizing competitive firm has constant returns to scale, then its long run profits must be zero A firm has the production function f ( x , y ) x 2 3 y 1 3 when x is the amount of factor x used and y is the amount of factor y used The slope of the isoquant is y 5x Automobile industry or airline industry are examples for monopolistic competition MP of labor implies how much more output will we get per additional unit of labor, holding capital fixed 14 The total short run cost function of a company is given by the equation C 300 55 Q Then, marginal cost per unit produced is 55 15 To solve for the cost minimization problem, we find the point on the isoquant that has the highest associated isocost curve

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Question: A consumer has preferences represented by the utility function U ( x 1 , x 2 )=10( x 1 2 +2 x 1 x 2

A consumer has preferences represented by the utility function U(x₁,x₂)=10(x₁²+2x₁x₂+x₂²)50. For this consumer, goods 1 and 2 are perfect substitutes and indifference curves are downward-sloping............
Charlie's utility function is U(x , y)=xy².His marginal rate of substitution between x andydoes not change if you double the amount of both goods............
If there are two goods and the price of one good is reduced, while income and other prices remained constant, then the size of the budget set is reduced...........
If there are two goods, and if one good has a negative price and the other has a positive price, then the slope of the budget line will be positive..............
If there are constant returns to scale, then doubling the amount of any input will exactly double the amount of output...............
If the production function isf(x₁,x₂)=x₁x₂, then there are constant returns to scale...............
If there are increasing returns to scale, then average cost is a decreasing function of output................
It is possible to have decreasing marginal products for all inputs, and yet have increasing returns to scale...............
The marginal cost curve passes through the minimum point of the average fixed cost curve............
If a profit-maximizing competitive firm has constant returns to scale, then its long run profits must be zero
A firm has the production functionf(x,y)=x^2/3y^1/3when xis the amount of factorxused andyis the amount of factoryused. The slope of the isoquant is y=5x ..........
Automobile industry or airline industry are examples for monopolistic competition.........
MP of labor implies how much more output will we get per additional unit of labor, holding capital fixed............

14. The total short-run cost function of a company is given by the equationC=300+55Q. Then, marginal cost per unit produced is 55............

15. To solve for the cost-minimization problem, we find the point on the isoquant that has the highest associated isocost curve.........

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