14. If the price of falls, the budget constraint X 15. If an individual has a constant of shoes for sneakers of 3/4 (that is, he or she is always willing to give up 3 pairs MRS of sneakers to get 4 pairs of shoes) then, if sneakers and shoes are equally costly, he or she will 16. Suppose a cup of coffee at the campus coffee shop is $2.50 and a cup of hot tea is $1.25 and that a student’s beverage budget is $20 per week. What is the most cups of tea the student could buy? 17. Suppose a cup of coffee at the campus coffee shop is $2.50 and a cup of hot tea is $1.25 and that a student’s beverage budget is $20 per week. What is the market tradeoff between coffee and tea?
14. If the price of X falls, the budget constraint 15. If an individual has a constant MRS of shoes for sneakers of 3/4 (that is, he or she is always willing to give up 3 pairs of sneakers to get 4 pairs of shoes) then, if sneakers and shoes are equally costly, he or she will 16. Suppose a cup of coffee at the campus coffee shop is $2.50 and a cup of hot tea is $1.25 and that a student’s beverage budget is $20 per week. What is the most cups of tea the student could buy? 17. Suppose a cup of coffee at the campus coffee shop is $2.50 and a cup of hot tea is $1.25 and that a student’s beverage budget is $20 per week. What is the market tradeoff between coffee and tea?
Test-Bank-for-Intermediate-Microeconomics-and-Its-Application-12th-Edition-by-Nicholson.docx